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    Product in Essential of Marketing

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    vyphaleaksmeymom

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    Product in Essential of Marketing

    Uploaded by

    vyphaleaksmeymom
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    2 views1 page

    Product in Essential of Marketing

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    vyphaleaksmeymom

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    © All Rights Reserved
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    Mom Vyphaleaksmey

    Product
    What is product means?
    A product is the item offered for sale. A product can be a service or an item. It can be physical or in
    virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be
    charged depends on the market, the quality, the marketing and the segment that is targeted. Each product
    has a useful life after which it needs replacement, and a life cycle after which it has to be re-invented. In
    FMCG parlance, a brand can be revamped, re-launched or extended to make it more relevant to the
    segment and times, often keeping the product almost the same.

    Type of product
    1. Consumer Products
    These are products bought by the final consumer for personal consumption. They can be further divided
    into:
    • Convenience Products: Frequently purchased items with minimal effort, like snacks.
    • Shopping Products: Items for which consumers compare quality, price, and style, like clothing.
    • Specialty Products: Unique items for which consumers will make a special purchasing effort, like luxury
    cars.
    • Unsought Products: Items that consumers do not think about frequently, like life insurance.
    2. Industrial Products
    These are products bought for further processing or for use in conducting business. They include
    materials and parts, capital items, and supplies and services.
    • Capital Goods: These are long-term assets used in the production of other goods and services. They
    include major equipment like machinery and buildings.
    • Raw Materials: Basic materials that are processed or combined with other materials to produce finished
    products. Examples include metals, grains, and chemicals.
    • Component Parts: These are finished items that are incorporated into other products. For example,
    microchips in electronic devices.
    • Major Equipment: Heavy, long-lasting machinery and equipment used in production. This includes
    things like industrial robots and large-scale manufacturing machines.
    • Accessory Equipment: Smaller equipment that supports the operation of major equipment. Examples
    are tools, computers, and printers.
    • Operating Supplies: Consumables used in the production process, like lubricants, cleaning agents, and
    maintenance tools.
    • Services: Intangible products that support the operational needs of a business. This includes consulting,
    maintenance, and repair services.

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