What are the characteristics of products and how do marketers classify products

This is based on the classification of the products.

1. Chapter 11: Setting product strategy

2. What are the characteristics of products , and how do marketers classify products ? By: Kartik Singla Indian Institute of Technology(BHU), Varanasi

3. "A product is anything that can be offered to satisfy a need”

4. Core benefit It refers to the service or benefit the customer is really buying.

5. Basic/Generic product It refers to the marketer’s effort of converting the core benefit into an product.

6. Expected product It refers to the expectations the consumers have when they purchase a product.

7. Augmented product It refers to the product prepared by the marketer which exceeds the customer’s expectation.

8. Potential product It includes all the transformations the product might undergo in future. Potential product It includes all the possible transformations which the product might undergo in future.

9. Use

10. Shopping goods : Compared on the basis of price, quality and style. Furniture, clothing...... CONSUMER GOODS Convenience goods : Purchased immediately, frequently. Soaps, soft drinks...

11. Unsought goods : Consumer does not have much knowledge or has little intention to buy. Smoke detectors, life insurance...... Speciality goods : Unique brand image enough for buyers to buy. Cars, stereos….

12. Installations : Brought directly from the industrial producer. Heavy equipment, buildings.... INDUSTRIAL GOODS Materials and Parts : Goods which enter the manufacturer’s process completely. Farm products, component materials...

13. Operating supplies : Short term goods and services, help in managing finished product. Lubricants, coal... Accessory equipment : Shorter life than installations. Factory and office equipment...