PRESTIGE INSTITUTE OF MANAGEMENT AND RESEARCH MBA FA (A) SEMESTER 1 SUBJECT- MARKETING MANAGEMENT TOPIC – PRODUCT CHARACTERISTIC SUBMITTED TO : SHWETA CHOUDHARY MAM GROUP MEMBER NAME MANSI ASATI ISHIKA JAIN PARIDHI JAIN ROHIT KUMAR SINGH SHUBHAM JHA ROLL NO 28 22 34 43 54 Product • A PRODUCT CAN BE ANYTHING THAT CAN BE OFFERED TO THE MARKET TO SATISFY A WANT OR A NEED. • A BUNDLE OF ATTRIBUTES, OFFERING FOR USE/CONSUMPTION BY THE FINAL CUSTOMER. Products that are marketed include Physical goods Services Experiences Events Persons Places Properties Organizations Ideas Levels of a Product 5 basic levels Each level adds more customer value CORE BENEFIT BASIC PRODUCT EXPECTED PRODUCT AUGUMENTED PRODUCT POTENTIAL PRODUCT Product Characteristic A product characteristic (PC) is an attribute of a product that describes its ability to satisfy its purpose in a larger system. PCs describe what a product must be. They serve as labels by which to group other kinds of requirements. five product characteristics. Functionality Usability Producibility Maintainability Sustainability 5 Product Characteristics that influence the Adoption Rate Relative Advantage. Compatibility Complexity. Divisibility Communicability Types of Products 1. Consumer Products: - Bought by final consumers for personal consumption Categorized as… A. Convenience products ; - - Bought frequently, immediately with minimum comparison and buying effort. - Are low priced - Available in many locations e.g. Soap, candy, newspapers, fast food Convenience products Consumer product B. Shopping Product; - Characteristically compared on the basis of suitability, quality, price and style while selection and purchase. Distributed through fewer outlets e.g. Furniture, clothing, used cars, major appliances, hotel and airline services. Shopping product C. Specialty Product; - Has unique characteristics or brand identification for which a significant group of buyer is willing to make a special purchase effort – - People travel even long distances to buy them (Lamborghini) – - No comparison is involved in buying. e.g. Specific brands, types of cars, high priced photographic equipments, designer clothes, services of medical/ legal specialists • d. Unsought Product; - Consumer either does not know about/ knows about but does not normally think of buying it. - Require a lot of advertising, personal selling and marketing efforts. e.g. Life insurance, pre planned funeral services and blood donations. 2. Industrial Products: Distinguished from consumer products on the basis of usage e.g. A lawn mower 1. Materials & parts i. Raw materials & parts: - Farm products, (wheat, cotton, livestock, fruits, vegetables) - Natural products (fish, lumber, crude oils, iron ore) ii. Manufactured materials & parts: component materials (iron yarn, cement, wires) – Component parts ( small motors, tires, castings) b. Capital items - Aid in buyer’s production or operations i. Installations: - Major purchases (factories, offices) - fixed equipment ( generators, elevators, computer systems) ii. Accessory equipments: - Portable factory equipments and tools (hand tools, lift trucks) - Office equipments ( computers, fax machines, desks) c. Supplies and Services: Are convenience products i. Supplies - Operating supplies (Lubricants, coal, paper, pencil) - Repair and maintenance (paint, nails, brooms ii. Services - Maintenance and repair services (window clearing, computer repair) - Business advisory services ( legal, management, consulting, advertising) Thank you