SESSION 2: PRODUCT CLASSIFICATION SUMMARY Product classification helps marketers effectively position products in the market by considering their characteristics. These characteristics include durability, tangibility, and user type, which guide segmentation, targeting, and positioning. 1. Classification Based on Durability and Tangibility Durability : Refers to the product's lifespan. Non-Durable Goods : Tangible products consumed in one or a few uses (e.g., food items, toiletries). Durable Goods : Tangible products that last for many years and require after-sales services (e.g., LCD TVs, mobile phones). Tangibility : Differentiates physical products from services. Physical Products : Tangible items that can be touched. Services : Intangible products (e.g., hospitality, airlines, insurance). 2. Classification of Consumer Goods Consumer goods are classified based on the effort and time the buyer is willing to in...
Session 1: Meaning and Importance of Product A product is anything offered to the market to satisfy a need or want, which can include tangible goods, services, experiences, places, and ideas. According to Philip Kotler, a product satisfies a need or want, while William Stanton views it as a combination of tangible and intangible attributes. Products are created to address customer needs and typically consist of both physical elements and psychological aspects like brand, image, and warranty. Components of a Product 1. Core Product : The fundamental function or benefit a product provides (e.g., Dove soap's moisturizing ability and fragrance). 2. Associated Features : Additional elements that enhance the product’s appeal, such as fragrance or color. 3. Brand Name : The identifier that differentiates a product from competitors. 4. Logo : A symbol representing the brand, aiding in recognition and ...