Description
A product is a set of tangible and intangible attributes which may include, packaging, color, price, and quality, brand, and seller reputation and seller services. The first commandant in marketing is the customer and the second is the product.
Meaning and importance of products and classification of product
PRODUCT DEFINATION
Product:A product is a set of tangible and intangible attributes which may include, packaging, color, price, and quality, brand, and seller reputation and seller services. The first commandant in marketing is the customer and the second is the product. In narrow sense product is the product is set of basic attributes assembled in an identified form. Each product is identified by a commonly understood descriptive name, such as steel, insurance, tennis rackets etc. There are many definitions of product by different authors. 1- A product is a set of tangible and intangible attributes, which may include packaging, color, price, quality, brand and seller’s services and reputations. 2- Product is a service that provides the benefit of a comfortable night rest at a reasonable price. 3- Product is a place that provides sun and sand, relaxation, romance, cross cultural experiences and other benefits. Explanation:We treat each brand as separate product. Any change in a feature (design, color, size, packing) however minor, creates another product. Each such change provides the seller with an opportunity to use a new product. A product may be a good, service, place, person or idea. Customers buy products to satisfy their needs. Classification of product
roducts or goods are basically of two types. (1). Consumer goods (2). Industrial goods. (1). Consumer goods:Consumer products are produced for personal consumption by households. There are four types of consumer goods. (1). Convenience goods:Goods that the consumer usually purchase frequently, immediately, and with the minimum of effort in comparison and buying for most buyers, convenience goods include many food items, inexpensive candy, drugs like aspirin and tooth paste, hardware items such as light bulbs and batteries. Convenience goods have low price an are not greatly affected by fad and fashion. A manufacturer prepares these products to distribute it widely and rapidly. (2) Shopping goods:A tangible product for which a consumer wants to compare quality, price and perhaps
style in several stores before making a purchase is known as shopping goods. Examples of shopping are furniture, automobiles, major appliance etc. The process of searching and comparing continues as long as consumer feels satisfaction. The shopping goods can be divided into homogeneous and heterogeneous goods. The homogeneous goods are similar in quality but different in price. The heterogeneous products are different in quality and prices. (3) Specialty goods:A tangible product for which a customer give preference to a strong brand and he wants to expend substantial time and effort in locating the desire brand is called a specialty good. Examples of specialty goods are men’s suits, stereo sound equipment, health foods, photograph equipment, new automobiles and certain home appliances. The specialty goods do no involve the buyer’s making comparisons, the buyer only invest time to reach the dealers carrying the wanted products. (4) Unsought goods:An unsought good is a new product from which a consumer is not aware. More people are unaware of interactive movies. An electric car might be an unsought good for most people, because they are unaware of it. Bathroom tissue made strictly from cotton fiber would seem to be an unsought good. A firm faces a very difficult, perhaps impossible advertising when trying to market unsought goods. Marketers market unsought goods by placing ads on bus-stop benches or in church buildings. (b). Industrial goods/Business goods:Industrial products are purchased to produce other products or for use in a firm’s operations. Industrial products are purchased on the basis of organization’s goals and objectives. On the basis of their uses and characteristics, industrial or business products can be classified into seven categories. 1).Raw material:Raw materials are the basic materials that actually become part of the product. They are provided form mines, forests, oceans, farms and recycled solid wastes. 2).Fabricating Materials and parts/Capital items:Major equipment includes large tools and machines used for production purposes. Examples are rather, cranes, Stamping machines. 3). Accessory Equipment:Accessory equipment does not become part of the final product but is used in production or office activities. Examples include, hand tools, type writers, fractional horse power motors etc. Accessory equipments are less expensive than capital items. 4).Component Parts:Component parts become a part if the physical product and either are finished items ready
for assembly or are products that enter the finished product completely with no further change in form, as when small motors are put into vacuum cleaners and tires are added on automobiles. Spark plugs, tires, clocks and switches are all component parts of the automobile. 5).Process materialrocess materials are used directly in the production of other products. Unlike component parts, however process materials are not identifiable process materials are further fabricated. For example, Pig iron is made into steal and Yarn is woven into cloth. 6).Supplies:Supplies facilitate productions, but they do not become part of he finished product. Paper, pencils, oils, cleaning agents and paints are examples. 7).Industrial Services:Industrial services include maintenance and repair services. (e.g.; window cleaning, typewriter repair) and business advisory services. (e.g.; legal, management, consulting, advertising, marketing research services). These services can be obtained internally as well as externally.
doc_783672579.doc
A product is a set of tangible and intangible attributes which may include, packaging, color, price, and quality, brand, and seller reputation and seller services. The first commandant in marketing is the customer and the second is the product.
Meaning and importance of products and classification of product
PRODUCT DEFINATION
Product:A product is a set of tangible and intangible attributes which may include, packaging, color, price, and quality, brand, and seller reputation and seller services. The first commandant in marketing is the customer and the second is the product. In narrow sense product is the product is set of basic attributes assembled in an identified form. Each product is identified by a commonly understood descriptive name, such as steel, insurance, tennis rackets etc. There are many definitions of product by different authors. 1- A product is a set of tangible and intangible attributes, which may include packaging, color, price, quality, brand and seller’s services and reputations. 2- Product is a service that provides the benefit of a comfortable night rest at a reasonable price. 3- Product is a place that provides sun and sand, relaxation, romance, cross cultural experiences and other benefits. Explanation:We treat each brand as separate product. Any change in a feature (design, color, size, packing) however minor, creates another product. Each such change provides the seller with an opportunity to use a new product. A product may be a good, service, place, person or idea. Customers buy products to satisfy their needs. Classification of product
roducts or goods are basically of two types. (1). Consumer goods (2). Industrial goods. (1). Consumer goods:Consumer products are produced for personal consumption by households. There are four types of consumer goods. (1). Convenience goods:Goods that the consumer usually purchase frequently, immediately, and with the minimum of effort in comparison and buying for most buyers, convenience goods include many food items, inexpensive candy, drugs like aspirin and tooth paste, hardware items such as light bulbs and batteries. Convenience goods have low price an are not greatly affected by fad and fashion. A manufacturer prepares these products to distribute it widely and rapidly. (2) Shopping goods:A tangible product for which a consumer wants to compare quality, price and perhapsstyle in several stores before making a purchase is known as shopping goods. Examples of shopping are furniture, automobiles, major appliance etc. The process of searching and comparing continues as long as consumer feels satisfaction. The shopping goods can be divided into homogeneous and heterogeneous goods. The homogeneous goods are similar in quality but different in price. The heterogeneous products are different in quality and prices. (3) Specialty goods:A tangible product for which a customer give preference to a strong brand and he wants to expend substantial time and effort in locating the desire brand is called a specialty good. Examples of specialty goods are men’s suits, stereo sound equipment, health foods, photograph equipment, new automobiles and certain home appliances. The specialty goods do no involve the buyer’s making comparisons, the buyer only invest time to reach the dealers carrying the wanted products. (4) Unsought goods:An unsought good is a new product from which a consumer is not aware. More people are unaware of interactive movies. An electric car might be an unsought good for most people, because they are unaware of it. Bathroom tissue made strictly from cotton fiber would seem to be an unsought good. A firm faces a very difficult, perhaps impossible advertising when trying to market unsought goods. Marketers market unsought goods by placing ads on bus-stop benches or in church buildings. (b). Industrial goods/Business goods:Industrial products are purchased to produce other products or for use in a firm’s operations. Industrial products are purchased on the basis of organization’s goals and objectives. On the basis of their uses and characteristics, industrial or business products can be classified into seven categories. 1).Raw material:Raw materials are the basic materials that actually become part of the product. They are provided form mines, forests, oceans, farms and recycled solid wastes. 2).Fabricating Materials and parts/Capital items:Major equipment includes large tools and machines used for production purposes. Examples are rather, cranes, Stamping machines. 3). Accessory Equipment:Accessory equipment does not become part of the final product but is used in production or office activities. Examples include, hand tools, type writers, fractional horse power motors etc. Accessory equipments are less expensive than capital items. 4).Component Parts:Component parts become a part if the physical product and either are finished items ready
for assembly or are products that enter the finished product completely with no further change in form, as when small motors are put into vacuum cleaners and tires are added on automobiles. Spark plugs, tires, clocks and switches are all component parts of the automobile. 5).Process material
rocess materials are used directly in the production of other products. Unlike component parts, however process materials are not identifiable process materials are further fabricated. For example, Pig iron is made into steal and Yarn is woven into cloth. 6).Supplies:Supplies facilitate productions, but they do not become part of he finished product. Paper, pencils, oils, cleaning agents and paints are examples. 7).Industrial Services:Industrial services include maintenance and repair services. (e.g.; window cleaning, typewriter repair) and business advisory services. (e.g.; legal, management, consulting, advertising, marketing research services). These services can be obtained internally as well as externally.doc_783672579.doc