what are the characteristics of the product and how do marketers classify products?
TRANSCRIPT
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Setting Product Strategy
What are the charac ter i s t i c s o f the produc t and how do marke ters c lass i fy produc t s?
Presentation byDivyasree P K
IIT Madras
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PRODUCTPRODUCT
N. Market offering to satisfy a need or want
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Physical goods
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Product need NOT
be tangible always
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Air Courier Service
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Experience at Veega Land Amusement Park
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Music concert
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Product
CharacteristicsCharacteristics
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Potential
feature
Augmented
feature
Expected featureExpected feature
Basic feature
Core feature
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PRODDUCT
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Cor
Ease and comfort r
e
comfort in kitchen
feature
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BASI
Works on electricitySimple designSafe to useI
C
Safe to use
feature
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Expec
Multiple jars and attachments
cted feature
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Augmen
Unbreakable jar base
Fail proof coupler
5 year warranty on motornted
5 year warranty on motor
feature
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POTENTIAL
In 2020
feature
In 2020
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Product
ClassificationClassification
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Based on DuraBILITYDuraBILITYTangibility
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TangibleNon durableNon durable
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TangibleDurableDurable
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Not tangibleNot tangible
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OfConsumerConsumerGoods
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Convenience Goods1
Frequently purchased
with
minimum effort
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Convenience Goods1
Staples Emergency goods Impulse goods
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Shopping Goods2Purchased after evaluation of evaluation of style, price, suitability and quality
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Speciality Goods3
With unique brand identification and value
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Unsought Goods4
Smoke detectors InsuranceInsurance
Are normally bought on seller’s initiative
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OfinDustrialinDustrialgoods
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Materials & Parts1FruitsVegetablesWheat
PetroleumPetroleumIron ore
IronYarn
MotorsTyres
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Capital Items2Installations like buildings
Equipments like toolsthatthat
the development of finished product
Aid
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Supplies and Business Services3
Writing paperPen
PaintNailBroom
LegalManagement consultingAdvertising
Cleaning on contract basis
PenLubricant
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