Veronica Parihar
Product: Physical/service/symbolic; satisfies customers need.

Service: “Intangible” tasks satisfy needs.
· Can not hold service like goods.
· Inseparable from providers.
· Perishable.
· Can’t easily be standardized.
· Buyers play role in creation/distribution.
· Show wide variation.
· Services are on the rise.
o Provides products/jobs for economy in Canada (70%).
· Classified on convenience, shopping, and specialty.
· 5 Questions that classify service:
o What nature is the service?
o What is the relationship status with the customer?
o What is the flexibility and custom part of service provider?
o Demand/supply.
o How is it delivered?

Goods: Tangible products (see, touch, hear, and taste…ECT.).

Home shoring: Hiring contract workers who work from home.

B2C Products: Consumer Products.

B2B Products: Business Products.
· For output use, resale to consumers.
· Example: pharmaceutical companies sell medication to doctors who then sell to patients.

Unsought Products: Products a buyer does not recognize as a need.
· Such as insurance or funeral services.

Impulse goods/services: Spur of the moment purchases.
· Such as a car wash or gum purchase.

Staples: Consumers constantly replenish inventory for these items.
· Such as Gasoline.

Emergency goods/services: Bought at unexpected needs that arise.
· Umbrellas and visits to the pet hospital are examples.
· Location makes a huge difference.

Slotting allowance: Money that is paid by producers to companies.
· This allows the product to have good display.

Shopping Products: Consumers buy this product after comparing it to other products.
· Homogenous: One product brand seems the same as others.
· Heterogeneous: Products having different variations.

Specialty Products: These are unique, expensive, and luxury items.
· Buyer begins shopping with complete information.
· The buyer will not accept substitutions.

B2B Products fall into 6 Categories:
1. Installations: Major investments for new factories, heavy machinery, and telecommunication systems.
2. Accessory Equipment: These cost less and don’t last as long as installations.
a. Prices affect decisions on purchase.
3. Component Parts and Materials: These are finished products that become apart of final procedures.
4. Raw materials: Farm products and natural resources that resemble component parts.
5. Supplies: Regular expenses that firm incurs in daily operations.
6. Business Services: Intangible products that allow business’ to run more smoothly.

Product Mix: Product lines and offerings.
· Measure this mix with width, length, and depth.
· Width: Number of product lines that a firm offers.
· Length: Number of products a firm sells.
· Depth: Variations of each product.

Product life cycle:
· Introductory Stage: Start demand for new product.
· Growth Stage: Early buyers purchase the product, resulting in a sales volume increase.
· Maturity Stage: When the product reaches a plateau.
· Decline Stage: When the product no longer produces sales.

by Ruveen
product= bundle of a physical thing, service, and symbolic attributes designed to satisfy a customers wants and needs. *satifying wants*
services= intangible task that satisfies the needs of consumer and business users. *satisfying needs*
Services Vs Goods (goods= tangible product cx can see, hear, smell, taste, or touch)
-services are intangible
-services are inseparable from the service providers (ie: doctor, lawyer, salon)
-services are perishable (cant maintain count/inventory)
-companies cant easily standardize services
-buyers play important roles in the creation & distr. of services
-service standards show wide variations

Types of Consumer Products (4)
-unsought products (pre-need funeral plan, long term healthcare insurance)
-convenience=goods/services cx wants to purchase freq. with min. effort
[impulse: magazine, snacks; staples: gas, milk, drycleaning; emergency: plumbing vet visit, puffers]
-shopping products= products cs's buy after comparing competing offerings
[homogenous-where one brand seems very similar to another. ie airfarem computer, refridgerator]
[heterogenous- ie furniturem gym training, vacations, clothing]
more costly than convenience products. store name and reputation have influence. personal selling is big here.
-specialty products- carry high prices and represent well-known brands (ie Hermes, Gucci, Tiffany, Hummer)

Development of product lines
Product lines= series of related products offered by one company
Companies want to make complete product lines because:
-desire to grow (avoid limitation w/ single product)
-enhance competitive position in market (this reduces avg. production/marketing costs per yr)
-optimize use of company resources
-exploit the product life cycle

Product Mix
product mix= assortment of product lines and ind. product offerings that a company sells. measured according to width, length, length.
Width- # of product lines a firm offers (ie: J&J offers retail consumer products and B2B)
Length- # of diff. products a firm sells (ie J&J-healthcare brands like Bandaid, motrin, tylenolm neutrogena)
Depth-variations in each product that the firm markets in its mix (ie: J&J Bandaids have a variety of sizes and designs)

Product life Cycle:
1. Intoduction (investment)- goal is to stimulate demand for the new market entry
-technical problems and financial losses common
2. Growth- sales volume rises rapidly. New cx's
-target hesitant buyer:word of mouth, mass mrkt, lower prices
-increases competitors -> addition $$ on promo/distrib. needed
3. Maturity - sales continue to grow and then plateau
-supplies>demands... competitive environment important
-cutting cost is easiest move to duplicate as competitor :( ... -> decreased revenues
4. Decline- absolute decline in industry sales
-product life, innovations, shift in consumer preferences
-sales decrease -> $$ product category decr. -> firms cut prices -> get rid of product lines

Hardeep Kangaroo