MODULE I PART I

PRODUCT
• A product can be anything that can be offered to the market to satisfy
a want or a need
Or
• Anything that can be offered to a market for attention, acquisition,
use or consumption and that might satisfy a want or need
It includes

Physical objects

Services

Events

Persons

Places

Organizations……
“A product is a bundle of physical services and symbolic particulars
expected to the yield satisfactions or benefits to the buyer”
- Philip Kotler
 FEATURES OF THE PRODUCT

• TANGIBILITY

• INTANGIBLE ATTRIBUTES

• ASSOCIATED ATTRIBUTES

• EXCHANGE VALUES

• CONSUMER SATISFACTION
 TYPES OF PRODUCTS
BASIS OF USER TYPES

CONSUMER GOODS INDUSTRIAL GOODS

 CONSUMER GOODS
• CONVENIENCE PRODCUTS
• SHOPPING PRODUCTS
• SPECIALITY PRODUCTS
• UNSOUGHT PRODUCT
• OTHER TYPES OF PRODUCT- Organizations, Persons, Places, Ideas
 CONVENIENCE PRODCUTS
• A convenience product is a consumer product or service that
customers normally buy frequently, immediately and without great
comparison or buying effort.
• Examples include articles such as laundry detergents, fast food, sugar
and magazines.
• These types of products are easily available on convenience stores
 SHOPPING GOODS
• Shopping products refer to items that the consumers purchase less
frequently and compare with available alternatives in the market.
• Consumers need time, planning and efforts to take the final decision
whether to buy the product or not
 SPECIALITY PRODUCTS
• A specialty product is a product that certain consumers will actively
seek to purchase because of unique characteristics or loyalty to a
specific brand.
• Consumers who seek specialty products know what they want and
will spend the time and effort to get it.
• Examples include specific brands of fancy products, luxury cars,
professional photographic equipment, and high-fashion clothing.
 UNSOUGHT PRODUCTS
It includes
• Products purchased to solve a sudden problem ( emergency medical
services, car repairs, umbrella on a heavy rains)
• Products of which customers are unaware ( new product which does
multiple functions)
• Product that people do not necessarily think of buying (life insurance)
 OTHER TYPE OF PRODUCTS
• ORGANIZATIONS- BANK HOSPITAL, SCHOOL, COLLEGES,….
• PERSONS – DOCTOR, LAWYER, POLICE, TEACHER, GUIDE…..
• PLACES – TOURIST SPOTS
• IDEAS- CONSULTANT, CHARTERED ACCOUNTANT