In marketing, a product is anything that can be offered to a market that might satisfy a want or need. However it is much more than just a physical object. It is the complete bundle of benefits or satisfactions that buyers perceive they will obtain if they purchase the product. It is the sum of all physical, psychological, symbolic, and service attributes.
A product is similar to a good. In accounting, goods are physical objects that are available in the marketplace. This differentiates them from a service, which is a non-material product.
Three Aspects
There are three aspects to any product or service:
problem reduction benefits(e.g., safety, convenience)
2 - Tangible Product or Service
product attributes and features
quality
styling
packaging protection and label information
brand name
3 - Augmented Product or Service
warranty
installation
delivery
credit availability
after-sale service and maintenance
Classifying Products
Product management involves developing strategies and tactics that will increase product demand (referred to as primary demand) over the product's life cycle.
One useful technique in understanding a product is the Aspinwall Classification System. It classifies and rates products based on five variables:
1) replacement rate - how frequently is the product repurchased
2) gross margin - how much profit is obtained from each product (average selling price less average unit cost)
3) buyer goal adjustment - how flexible are the buyers' purchasing habits in regards to this product
4) duration of product satisfaction - how long will the product produce benefits for the user
5) duration of buyer search search behaviour - how long will they shop for the product
Types of Products
There are several types of products:
consumer products - used by end users
industrial products - used in the production of other goods
convenience goods - purchased frequently and with minimal effort
impulse goods - purchase stimulated by immediate sensory cues
emergency goods - goods required immediately
shopping goods - some comparison with other goods
specialty goods - extensive comparisons with other goods and a lengthy information search
unsought goods - e.g., cemetery plots, insurance
perishable goods - goods that will deteriate quickly even without use
durable goods - goods that survive multiple use occasions
non-durable goods - goods that are used up in one use occasion
capital goods - installations, equipment, and buildings
parts and materials - goods that go into a finished product
supplies and services - goods that facilitate production
The production technology used was predominantly that associated with male stereotypical commercials (76%), while the remaining 24% of the commercials using the female stereotypical production techniques remained confined to all-girl products and/or neutral products such as building blocks and educational videos.
Active (or categorically male) production methods are used in 54 (73%) of the commercials with the remaining 20 (27%) employing the production methods used stereotypically for all-girl products and occasionally for neutral products.
Production Technology: As previously noted, Williams, LaRose, and Frost (1981) indicated a marked difference in production technology for male and female productcommercials, pointing out that commercials for boys contained loud sound tracks, frequent scene changes, aggressive behavior and high activity, while those for girls included soft background music and passive behavior.
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