Review Chapter 8

Products, Services, and Brands.

Products

    Product is anything that can be offered to market for attention, acquisition, use or consumption tat might satisfy a want and need. Products include more than just tangible objects, such as cars, computer, or mobile phones. Broadly defined, products also include service, events, persns, places, organizations, ideas, or mixture of these.

Services

    Services are a form of product that consist of activities, benefits, or satisfaction offered for sale that are essentially intangible and do not result in the ownership of anything. examples include banking, hotel, airline travel, retail, wireless communication, and home-repair service.

Product and Service Classification.

    Product and service fall into two broad classes based on the types base on comsumers that use them: consumer products and industrial products.

Consumer Product

Consumer products are products and service bought by final consumers for personal consumption. Marketers usually classify these products and services further basd on how consumer go about buying them. Consumer products include convenience products, shopping products, speciality products, and unsought products.
    Convinience product are consumer products and services that costumers usually buys frequently, immidiately, and with minimal compariso buying efforts. Example: laundy, detergent, candy, magazine, and fast food.
    Shopping products are less frequently purchased by costumer and services that costumers compare carefully on suitability, quality, price, and style. When buying shopping products and services consumers spend much time and effort in gathering information and making comparison. Examples include furniture, clothing, used cars, and major appliances.
    Speciality products are consumers products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make special purchase effort. Examples include specific brand of cars, high-priced photography equipment, designer clothes, and gourmet food.
    Unsought products are consumers products that the consumers either does not know about or knows but does not normally consider buying. Most major new innovations are unsought until the consumers become aware through advertising. Example include life insurance, preplanned funeral and blood donation to red cross.

Industrial Product

Industrial products are those products purchased for further processing or for use in conductuing a business. Thus, the distinction beetween a consumers product and an industrial products is based on the purpose for which the product is purchased. If a consumer buys a lawn mower for use around home, the lawn mower is a consumer products. If the same consumers buys the same lawn mowerfor use in a landscaping business, the lawn mower is an industrial products.

Brands

Brand is a name, term, sign symbol, or design, or a combination of these, tat identities the products or services of one seller or group of seller and differentiates them from those competitors.  Consumers view brand as an important part of a product, and branding can add value to a consumer's purchase. Customers attach meanings to brands and develop brand relationships. As a result, brand have meaning well beyond the roduct's physical attributes. for example, coca cola.