What are the characteristics of products, and how do marketers,classify products.
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This document outlines different levels of products and classifications of products. It discusses 5 levels of a customer-value hierarchy for a product from the core benefit to augmentations that exceed expectations. Products are also classified based on durability, tangibility and use as consumer or industrial goods. Consumer goods include staples, impulse goods, emergency goods, shopping goods that are homogeneous or heterogeneous, and specialty goods. Industrial goods include materials and parts, capital items, and supplies and business services.
What are the characteristics of products, and how do marketers,classify products.
- 3. Product Levels: The Customer-Value Hierarchy • The fundamental level is the core benefit: the service or benefit the customer is really buying. • At the second level, the marketer must turn the core benefit into a basic product.Thus a hotel • At the third level, the marketer prepares an expected product, a set of attributes and conditions • At the fourth level, the marketer prepares an augmented product that exceeds customer expectations. • At the fifth level stands the potential product, which encompasses all the possible augmentations
- 6. Marketers classify products on the basis of durability, tangibility, and use (consumer or industrial).
- 8. • Staples are convenience goods consumers • Impulse goods are purchased without any planning or search effort. • Emergency goods are purchased when a need is urgent.
- 9. Shopping goods are those the consumer characteristically compares on such bases as suitability, quality, price, and style. Homogeneousshoppinggoodsaresimilarinqualitybutdifferentenoughinpriceto justifyshoppingcomparisons. Heterogeneous shoppinggoodsdifferinproductfeaturesandservicesthatmaybe moreimportantthanprice.
- 10. Specialty goods have uniquecharacteristicsor brand identificationfor whichenough buyers
- 11. Unsought goods
- 12. INDUSTRIAL-GOODS CLASSIFICATION Materialsand parts aregoodsthat enterthe manufacturer’sproduct completely.
- 13. Capital items are long-lasting goods that facilitate developing or managing the finished product.
- 14. Supplies and business services Supplies and business services are short-term goods and services that facilitate developing or managing the finished product.