GROUP 1
POSSIBLE PRODUCT/S OR SERVICE/S THAT
WILL MEET THE NEED
POSSIBLE PRODUCT/S OR SERVICE/S THAT WILL MEET THE NEED
This is how to identify products or services that meet
market needs. Entrepreneurs need to understand the
target market’s needs and create a unique, easily
recognizable product.
PRODUCT DESCRIPTION NECESSITIES
1. Cite the uniqueness of product over other existing products in terms of
characteris- tics, variations and the like.
2. Use layman's term in describing the firm's product or service. Present a
product mix if the firm will be selling more than one product.
3. Illustrate the usefulness of the product/service. Provide substantial
information on effectiveness of marketing which includes positioning and
strategies.
4. Present the nature including the content of raw materials that will be used in
the proposed product and its source.
3 LEVEL OF PRODUCT?
1. Tangible Products: These are physical items/product with specific
characteristics, often identified by a model number or description.(Honda
Brio car model, A house and lot with a specific floor, Lot Area and e.g.,)
2. Augmented Products: This focuses on the added value and services that
come with a product. It highlights the benefits customers receive beyond the
basic product itself. (car insurance, medical and dental benefits, and fire
insurance and e.g.,)
3. Generic Product: This emphasizes the core function and purpose of the
product for the consumer. It focuses on how the product benefits the user, not
just the seller.(the prestige, status associated with owning a particular brand or
the professional image it conveys and e.g.,)
TYPES OF PRODUCT
1. Goods: These refer to the sale of physical products, from the
manufacturer to the final consumer.
• Durable Goods: These are physical products designed to last
for an extended period.(steel, stainless steel, and appliances
e.g.,)
• Non-Durable Goods: These are physical products that are
quickly consumed or wear out relatively quickly (T-shirts
andPlastic wares e.g., )
2. Services-intangible products: These are satisfaction is often evaluated
based on future preferences. (Relaxation services at a spa,educational
services provided by schools and e.g.,)
• Rented-Goods Services: These involve the consumer renting a facility or
item from the seller for a specific period.(Car rentals,Space Rental and
e.g.,)
• Owned-Goods Services: These provide repair and maintenance services
for the customer’s existing products. (Laundry services,Car wash
services and e.g.,)
• Non-Goods Services: These are personal services provided by the seller,
often relying on their expertise and professional skills. ( tutoring services
from a teacher, bookkeeping services from an accountant, legal
consulting from a lawyer, reception,guest relations services and e.g.,)
Consumer Products:These are goods and services created for the direct use and enjoyment of
individual consumers, their families, or households. The intended use of these products
determines their classification as consumer products.
• Convenience Products: These are everyday items that consumers purchase frequently with
minimal thought or effort. Buyers are already familiar with these products and their
characteristics.
• Shopping Products: Consumers require more information and comparison before purchasing
these products. They often involve research and consideration of factors like price, quality,
and features.
• Specialty Products: These are unique or highly desirable products for which consumers are
willing to go to great lengths to obtain. They often have strong brand loyalty and consumers
are willing to pay a premium price for them.
Industrial Products: These are goods or services that are bought by businesses for use in their
own operations. This includes items used in the production process, for running the business
itself, or for resale to other customers
