CAPISTRANO, ANNE MARIE M.
BSTM 1-3N
1. Define product and describe the major classifications of products and services.
- A product is something that can be offered to a consumer that can meet a demand or need. Items are
called merchandise in store. Products are bought as raw materials in production and sold as finished
goods.
1. Convenience Goods: Convenience products are typically low-cost products with no
differences between brands, but consumers often select a brand once and then stick without
reconsideration with that brand. Things that buyers often and frequently buy, without any
consideration being given.
2. Shopping Goods: Consumers would like to be able to compare and contrast with others in
Shopping Goods before they make a purchasing decision. Often, sellers with shopping goods try
to have solid offers to sway the customer. They still want manufacturers to have good support.
3. Specialty Goods: Specialty goods are defined that are so special or have such a dedicated
audience that people can go to great lengths to look for them. Instead of comparing products
that are striving for an appealing offer, specialty goods consumers are focused on searching for
the one particular product they are looking for.
4. Unsought Goods: Unsought goods are described as those products that a consumer has no
knowledge of and therefore has not thought of making a purchase. In normal situations, buyers
view these goods as unnecessary and are not interested in purchasing them.
2. Describe the decisions companies make regarding their individual products and
services, product lines, and product mixes.
- Product attributes, branding, packaging, labeling, and product support resources involve individual
product choices. Product attribute choices include quality, features, and style and design. Branding
decisions include picking a brand name and creating a plan for the brand. There are several main
advantages of packaging, such as safety, economy, comfort, and promotion. Companies are now
designing product support services that improve customer experience and satisfaction and shield
competitors from them.
- A product line is a category of goods similar to function, consumer needs, or distribution channels. The
product mix is made up of all product ranges and items offered to customers by a single brand. There
are four dimensions that designs the product plan of the organization and these are the dimensions:
width, length, depth, and consistency.
3. Identify the four characteristics that affect the marketing of services and the additional
marketing considerations that services require.
- Intangibility: Services where there is not a visible product that can be seen, smelled, or felt that the
consumer can purchase.
- Variability: Services can differ from one provider to the next or from another instance to the next in
standard or quality.
- Inseparability: Service feature that makes it difficult to separate the service's supply or production
from its demand
- Perishability: If used, services cannot be stored, saved, returned, or resold.
4. Discuss branding strategy—the decisions companies make in building and managing their brands.
- Companies need to make choices about the development of brands:
Brand positioning: This lays the foundation for the three other branding decisions
Brand name selection: Perhaps the name of the brand is what you first thought of when you
consider a brand-it is the brand's foundation. The choosing of the brand name is therefore one
of the most critical branding decisions.
Brand sponsorship: It is a marketing strategy in which an event, operation, individual or entity is
sponsored by a company.
Brand development: A multi-stage phase in the mind of a consumer with the primary aim of
creating brand value. An abstract collection of assets that cannot be tracked on a balance sheet
is brand equity.
