is defined as anything that can be offered to a market for attention, acquisition, use, or consumption to satisfy a want and need (Kotler & Armstrong, 2013).

Products (those we can see)

(those that we cannot see but we can experience)

Actual product

Augmentative Product

They need to develop product and service features, design, a quality level, a brand name, and packaging.

around the core benefit and actual product by offering additional consumer services and benefits.

are products and services bought by final consumers for personal consumption.

are those purchased for further processing or for use in conducting a business.

are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.

are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.

are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

are consumer products that the consumer either does not know about or knows about but does not normally consider buying.

are industrial products that aid in the buyer’s production or operations.

include raw materials and manufactured materials and parts usually sold directly to industrial users.

include operating supplies, repair and maintenance items, and business services.

INDIVIDUAL PRODUCT DECISIONS

are the benefits of the product or service

includes quality level and consistency.

is the level of quality that supports the product’s positioning.

is the product’s freedom from defects and consistency in delivering a targeted level of performance.

are a competitive tool for differentiating a product from competitors’ products. -are assessed based on the value to the customer versus the cost to the company

describes the appearance of the product.

contributes to a product’s usefulness as well as to its looks.

involves designing and producing the container or wrapper for a product.

identify the product or brand, describe attributes, and provide promotion.

are augmented actual products. Customer service is another element of product strategy.

is a group of products that are closely related

is the set of all product lines and items that a particular seller offers for sale.

refers to the number of different product lines the company carries.

refers to the total number of items a company carries within its product lines.

refers to the number of versions offered for each product in the line.

of the product mix refers to how closely related the various product lines are in end use, production requirements, distribution channels, or some other way.

the course of a product’s sales and profits over its lifetime. It involves five distinct stages: product development, introduction, growth, maturity, and decline.

Describe the marketing mix (7Ps) in relation to the business opportunity. is a set of actions a business takes to build and market its product or service to its customers

is creating an image for a product in the customer’s mind.

in the marketing mix simply refers to the place where the target consumers are.

is the coordination of manufacturers, supplier, and retailers working together to meet the need for a product or service.

are the routes that products and services take from the time they are produced to the time they are consumed.

moves the product directly from the manufacturer to the consumer

have many ways of selling products. As the owner of a retail business, you can distribute products in various ways (Greene, 2013).

who own service businesses sell their services directly to customers.

usually don’t sell directly to customers. Instead, they make their products and then sell the products to other businesses, such as retailers.

includes not only transportation but also storage, handling, and packaging of products within a channel of distribution.

Products can be moved by airplane, pipeline, railroad, ship, truck, or a combination of methods

It is designed to protect the product from the time it is produced until it is consumed.

types of businesses must receive goods from suppliers.

is the amount earned as a result of the investment, usually expressed as a percentage.

is a business’s percentage of the total sales generated by all companies in the same market.

Pricing that is determined by how much customers are willing to pay for a product or service is called

is determined by using the wholesale cost of an item as the basis for the price charged.

is a price determined by adding a percentage amount to the wholesale cost of an item.

price is a price determined by subtracting a percentage amount from the retail price of an item

Pricing that is determined by considering what competitors charge for the same good or service is called competition-based pricing.

it is important to consider not only the cost of any items used in providing the service, but also the amount of time and anything that is included with the service

price to charge for services can be determined by the amount of time it takes to complete the service. A service provider must decide whether there will be a separate charge for materials or whether the materials will be includ

Services can be bundled, or combined tinder one price, rather than making the customer pay for each individual part of the service.

It is important to set the right price for your products and services

is used when a product is new and unique.

starts out with a low introductory price with the goal of building a strong customer base.

is based on the belief that certain prices have an impact on how customers perceive a product.

is selling at a high price in order to create a feeling of superior quality and social statu

suggests that buyers are more sensitive to certain ending numbers

involves offering different levels of prices for a specific category of product based on features and quality.

is offering lower prices for increase sales. This type of pricing is temporary return to normal when the promotion ends.

involves pricing items in multiples, such as 10 for P100. This type of pricing suggests a bargain.

offers customers a reduced price.

are offered to customers to encourage early payment of invoices..

are reductions in price based on the purchase of a large quantity.

are reductions on the list price granted by a manufacturer or wholesaler to buyers in the same trade.

are used for selling seasonal merchandise out of season.

refers to the mode of conveying the presence and attributes of the product to the target consumers.

most appropriate media

It is a paid form of communication sent out by a business about a product or service.

has become widely used by businesses to promote their products and services.

A graphic image or animation displayed within a rectangular box across the top or down the side of a web page.

An ad which moves across the screen or floats above the page content.

An ad which changes the background of the page being.

A banner ad that looks like a dialog box with buttons, often appearing like an error message or an alert.

A new window that opens in front of the current one, displaying an advertisement.

Ad Similar to a pop-up ad except that it loads behind the current window and does not appear until the user closes one or more active windows.

The charge to the advertiser is based on the exposure of the message to a specific audience.

The charge to the advertiser is based on the number of user clicks on the advertisement.

The charge to the advertiser is based on the user completing a form, registering for a newsletter, or some other action that will lead to a sale.

It is the best way to reach a large number of people quickly.

also known as infomercials—can last a half hour or more and go into depth about the product being offered.

can be effective for small businesses. It is less expensive than television promotion.

is a purely audio message and can’t visually show your product. may not can hear

of directory advertising is that people look in the directory only when they are already in search of a particular type of business.

It includes fliers, catalogs, letters, and other correspondence sent to target customers through the mail.

are an excellent way to aim products and services at specific markets.

It includes billboards and signs.

Is consists of signs on public transportation.

1. Attract the attention of consumers 2. Communicate the message of the product 3. Elicit the feeling or desire to buy the product 4. Identify the benefits of the product 5. Convey the message using plain and simple language 6. Appeal to consumers' understanding by being meaningful and believable 7. Distinguish the product from other similar products

7ps