PRODUCT-MEANING,FEATURES,CLASSIFICATION,

PRODUCT

1. PRODUCT In marketing, a product refers to any good, service, or idea that is offered to meet the needs or desires of consumers. The concept of a product is central to marketing because it represents what a business offers to its target market in exchange for money or other forms of value. Products can take many forms: Physical Products : Tangible goods that can be touched or stored, such as electronics, clothing, or food. Services : Intangible offerings such as banking, education, or healthcare, where the focus is on the experience or outcome provided rather than a physical object. Ideas : Abstract concepts or causes promoted by individuals or organizations, like environmental sustainability or social justice campaigns.

2. Key Elements of a Product in Marketing: Core Product : The basic benefit or solution that the product provides to the customer. For example, a smartphone's core product is communication and connectivity. Actual Product : The tangible elements of the product, including design, features, packaging, brand, and quality. This is what customers physically purchase. Augmented Product : The additional features or services that differentiate a product, like warranties, customer support, or free delivery. These are intended to enhance the customer experience and add value.

3. Product Life Cycle (PLC): Products typically go through stages in their lifecycle, which include: Introduction : The product is launched to the market, and sales are usually low as consumers become aware of the product. Growth : The product gains market acceptance, and sales increase rapidly. Maturity : Sales peak, and the market becomes saturated. Competition is fierce. Decline : Sales begin to decrease as consumer interest wanes or newer products enter the market.

4. Product Strategy: Marketing strategies related to products involve decisions about: Product Design & Development : How to make a product that meets customer needs and stands out in the marketplace. Branding : How a product is branded, including its name, logo, and the message it communicates to consumers. Positioning : How the product is perceived in the marketplace relative to competitors. Product Mix : The range of products a company offers to its customers, which could include variations, models, or complementary products.

5. FEATURES OF PRODUCT Core Features Primary Functionality : What the product is fundamentally designed to do (e.g., a phone’s core function is to make calls). Purpose : The problem the product solves or the need it fulfills (e.g., a washing machine cleans clothes).

6. FEATURES OF PRODUCT 2. Design and Aesthetics Appearance : The visual elements like shape, color, texture, and finish (e.g., sleek design of a laptop). Ergonomics : How the product feels and fits in the user's hand or environment (e.g., a comfortable chair or easy-to-use interface on a software).

7. FEATURES OF PRODUCT 3. Performance and Functionality Efficiency : How well the product performs its intended task (e.g., battery life in a smartphone, processing speed in a computer). Capacity/Size : The scale or amount the product can handle (e.g., storage capacity in a hard drive, the load weight for a vehicle). Speed : How quickly the product completes its function (e.g., internet speed in a router, or the cooking time for a microwave).

8. FEATURES OF PRODUCT 4. Quality and Durability Materials Used : The type of materials that ensure the product’s strength or luxury (e.g., premium leather in bags or high-quality stainless steel in kitchen appliances). Longevity : How long the product is expected to last under normal use (e.g., lifetime warranty, resistance to wear and tear).

9. FEATURES OF PRODUCT 5. Technology and Innovation Advanced Features : Cutting-edge technology or unique functions (e.g., AI in smartphones, VR features in gaming consoles). Integrations : The ability to connect with other products or systems (e.g., smart home devices, app integration).

10. FEATURES OF PRODUCT 6. Convenience and Usability Ease of Use : How simple it is for a customer to use or set up the product (e.g., intuitive interface in software, easy-to-read labels on food). Portability : Whether the product is easy to carry, store, or transport (e.g., a foldable electric scooter or a compact camera).

11. FEATURES OF PRODUCT 7. Customization and Personalization Adaptability : Whether the product can be modified or customized to meet individual needs (e.g., customizable phone cases or personalized services). Variety : Availability in different models, sizes, colors, or styles to cater to various customer preferences.

12. FEATURES OF PRODUCT 8. Packaging and Presentation Packaging Design : How the product is presented, which can influence consumer perception and decision-making (e.g., eco-friendly packaging, luxury packaging). Instructions and Guides : Clear, easy-to-follow manuals, online tutorials, or customer support to enhance the user experience.

13. FEATURES OF PRODUCT 9. Price and Value Cost : The price point of the product and how it compares to similar products in the market. Value for Money : The benefits and features relative to the cost (e.g., high-end features in a budget phone).

14. FEATURES OF PRODUCT 10. Safety and Compliance Safety Features : Any built-in protections or certifications that ensure the product is safe to use (e.g., childproof lids, anti-slip features). Regulations and Standards : Compliance with industry regulations (e.g., certifications for electrical appliances or organic labels on food).

15. FEATURES OF PRODUCT 11. Sustainability Eco-friendliness : Features that indicate the product is environmentally friendly, like energy efficiency, recyclable materials, or low carbon footprint. Ethical Sourcing : The sourcing of materials or labor, ensuring fair practices and sustainable supply chains.

16. CLASSIFICATION OF PRODUCT 1. Based on Durability and Tangibility a. Consumer Products (for personal use) Convenience Products : Low-cost, frequently purchased items that require minimal effort or time to buy. Consumers typically don’t compare many alternatives before purchasing. Examples: Snacks, toiletries, soft drinks, household cleaning products. Shopping Products : Products that are purchased less frequently and require more effort in terms of comparison (e.g., price, quality, features). These products are usually higher in price. Examples: Clothing, electronics, furniture, appliances. Specialty Products : High-end or unique products that consumers are willing to make special efforts to acquire. These products often have high brand loyalty. Examples: Luxury cars, designer clothes, high-end watches, custom-made jewelry. Unsought Products : Products that consumers do not think about regularly or may not know they need until a specific situation arises (often associated with emergency or life-changing events). Examples: Life insurance, funeral services, fire extinguishers, emergency medical products.

17. CLASSIFICATION OF PRODUCT b. Industrial Products (for business use) Materials and Parts : Raw materials or components used in the production of other goods. Examples: Timber, steel, cement, automotive parts. Capital Items : Products used to facilitate the production of goods and services. These are often large, durable, and used over a long period. Examples: Machinery, buildings, tools, office equipment. Supplies and Services : Products that facilitate operations but do not become part of the final product. Often purchased regularly. Examples: Cleaning supplies, office supplies, consulting services, repair services.

18. CLASSIFICATION OF PRODUCT 2. Based on Use a. Consumer Products (End-User) Personal Products : Items that satisfy individual needs, typically for personal consumption. Family Products : Items that serve the needs of an entire family or household. b. Business Products (Used in Operations) Products bought for use in the production of other products or services, not for direct consumption.

19. CLASSIFICATION OF PRODUCT 3. Based on Consumer Involvement High Involvement Products : Products that involve significant decision-making effort from the consumer, often due to higher price or greater impact on the consumer’s life. Examples: Cars, houses, education, expensive electronics. Low Involvement Products : Products that require little thought or effort to purchase, typically due to low cost or low personal importance. Examples: Snacks, toothpaste, cleaning products.

20. CLASSIFICATION OF PRODUCT 4. Based on Price Sensitivity a. Luxury Products: High-priced, premium products that offer status or prestige. Examples: Designer clothing, luxury watches, high-end cars. b. Value Products: Products that provide good quality at a reasonable price. Examples: Affordable smartphones, budget laptops, everyday groceries.

21. CLASSIFICATION OF PRODUCT 5. Based on Innovation a. New Products: Completely new items that represent innovation in the market. Examples: Smart wearables, electric vehicles, advanced AI software. b. Existing Products: Established items with continuous improvements or enhancements. Examples: Updated versions of smartphones, new flavors of soft drinks, upgraded software versions.

22. CLASSIFICATION OF PRODUCT 6. Based on Physical Characteristics a. Tangible Products: Physical items that can be touched, stored, and measured. Examples: Furniture, clothing, electronics, food items. b. Intangible Products: Services or experiences that cannot be physically touched or owned. Examples: Software, consulting services, streaming subscriptions, education.

23. CLASSIFICATION OF PRODUCT 7. Based on Ownership or Relationship a. Non-Durable Goods: Products that are consumed or used up quickly and typically have a short life span. Examples: Food, beverages, paper goods, cosmetics. b. Durable Goods: Long-lasting products that can be used over an extended period and typically require more significant investment. Examples: Appliances, furniture, vehicles, electronics.

24. CLASSIFICATION OF PRODUCT 8. Based on the Degree of Product Customization a. Standardized Products: Products that are produced in large quantities with little to no customization. Examples: Packaged foods, mass-produced clothing, and household products. b. Customized Products: Products that are tailored to individual customer preferences or needs. Examples: Custom-tailored suits, personalized gifts, bespoke furniture.

25. CLASSIFICATION OF PRODUCT 9. Based on the Target Market a. B2C (Business to Consumer) Products: Products sold directly to the end customer for personal use. Examples: Clothing, electronics, personal care products. b. B2B (Business to Business) Products: Products that businesses sell to other businesses for further production or business operations. Examples: Industrial equipment, bulk raw materials, office supplies.