Marketing Management

Course code: ACC3221

Lecture 6
Product
Assistant lecturer: Daroon Faridun
darwn983@gmail.com

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Session outline
• What is the product?
• Anatomy of a product
• Classification of products
• Product life cycle
• Branding

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Definition of product
Product is anything that can be offered in a market for attention,
acquisition, use, or consumption that might satisfy a need or
want

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Anatomy of a product

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Classification of products

• Time based
•Durable
•Non-Durable
• User based
•Convenience goods
•Shopping goods
•Speciality goods
•Unsought goods

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Convenience goods

Convenience products are consumer products and services that

the customer usually buys frequently, immediately, and with a
minimum comparison and buying effort, such as
• Newspapers

• Fast food

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Shopping products
Shopping products are consumer products and services that the
customer compares carefully on suitability, quality, price, and
style. Such as

• Furniture
• Cars
• Appliances

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Specialty products
Specialty products 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, such as
• Medical services
• Designer clothes

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Unsought products
Unsought products are consumer products that the consumer
does not know about or knows about but does not normally think
of buying, such as

• Life insurance
• Funeral services
• Blood donations

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Product life cycle

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Branding
• Gives product individual identity
• Quality indicator
• Allows customers to associate with the product
• Can be an intangible benefit
• Influence perceived value

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