Lesson 9: Determine the possible product/s or service/s that will meet

the need
PRODUCT: ITS NATURE AND SUSTAINABILITY

Product - A good, idea, method, information, object or service created as a result of a process and serves a need or
satisfies a want
Product Description Necessities
1. Cite the uniqueness of product over other existing products in terms of characteristics, variations and the like.
2. Use layman’s term in describing the firm’s product or service.
3. Illustrate the usefulness of the product or service.
4. Present the nature including the content of the raw materials that will be used in the proposed product, and what is
the source and where to find it.

LEVELS of PRODUCT
1. Tangible Products – are the basic physical appearance which can be a service or idea having precise specifications
and is offered under a given/ specified description or model number
2. Augmented Products – Includes the image and service features of a certain entity. It gives emphasis on the
intangible benefits that the customer will be getting from buying the product.
Example: Product Warranty, Installation, free delivery, refund, updates, product trials, free sample.
3. Generic Products – Emphasizes the impact of the product to the consumer. This will signify the purpose of its
existence and the primary objective in creating the product

TYPES of PRODUCT
1. Goods – Sale of the physical products from the manufacture to the consumer or final and ultimate user.
a. Durable Goods – Are the physical products that are used over a long period of time
b. Non-durable Goods – Are the physical products that are quickly and easily be consumed or worn-out, become
obsolete, unfashionable or no longer popular
2. Services – are intangible products that satisfaction can be measured future preferences
a. Rented-goods Services – Are the consumer rented facility of the sellers in a certain period of time
b. Owned-goods Services – Are the repair and maintenance services rendered by the sellers to the products of
the customer
c. Non-goods Service - is a personal service on the part of the seller; most common are the expertise and
profession of the seller

TYPES of CONSUMER PRODUCT

Consumer Product - These are goods and services produced for the final consumer for personal, family or household use
1. Convenience Products – Are products that purchased with the minimum or less effort because the buyer has
knowledge of product characteristics prior to shopping.
2. Shopping Products – Are products that the consumers acquire through further knowledge and information in order
to make final purchase decision.
3. Specialty Products – Are the items with a particular brands and stores to which consumers are loyal
4. Industrial Products – Are goods purchased for use or consumption in the production of other goods
5. Unsought Products – are goods that the consumer does not know about or does not normally think of buying, and
the purchase of which arises due to danger or the fear of danger and lack of desire

PRODUCT SATISFYING FEATURES

1. Design – Good design can improve the marketability of the product through its design and appearance.
2. Product Color – Color can be an important consideration for highly technical products
3. Product Quality – This is set of features and attributes of a product or service that determine its ability to satisfy
human needs
4. Product Warranty – It is the state where the buyer is assured that the product meets the specifications stated in the
product labels.