Defining ProductA product is any good, service, or idea that can be offered to a market to satisfy a want or need. Show
Learning Objectives Break down the different components that make up tangible and intangible products Key TakeawaysKey Points
Key Terms
What Is a Product? In general, a product is defined as a "thing produced by labor or effort" or the "result of an act or a process. " The word "product" stems from the verb "produce", from the Latin prōdūce(re)
"(to) lead or bring forth. " Since 1575, the word "product" has referred to anything produced. Goods, Services, or Ideas Goods are a physical product capable of being delivered to a purchaser and involve the transfer of ownership from seller to customer. Product Classification: Tangible or Intangible A product can be classified as tangible or intangible.  Soccer Ball: A soccer ball is an example of a tangible product, specifically a tangible good. An intangible product is a product that can only be perceived indirectly such as an insurance policy. Intangible data products can further be classified into virtual digital goods ("VDG"), which are virtually located on a computer OS and accessible to users as conventional file types, such as JPG and MP3 files. Virtual digital goods require further application processing or transformational work by programmers, so their use may be subject to license and or rights of digital transfer. On the other hand, real digital goods ("RDG") may exist within the presentational elements of a data program independent of a conventional file type. Real digital goods are commonly viewed as 3-D objects or presentational items subject to user control or virtual transfer within the same visual media program platform. Services or ideas are intangible. Product Classification: By Use or By Association In its online product catalog, retailer Sears, Roebuck and Company divides its products into "departments", then
presents products to potential shoppers according to function or brand. Each product has a Sears item-number and a manufacturer's model-number. Sears uses the departments and product groupings with the intention of helping customers browse products by function or brand within a traditional department-store structure. Benefits and SolutionsThe core benefit is what consumers feel they are getting when they purchase a product. Learning Objectives Review the four levels of product differentiation Key TakeawaysKey Points
Key Terms
Benefits & SolutionsThe four levels of a product include: core, tangible, augmented, and promised. Core, tangible, augmented and promised products feature characteristics (i.e., the total product concept or offer), which includes everything a consumer evaluates before making a purchase. These factors can include: Levels of the Product: The four levels of a product include core, tangible, augmented, and promised.
We begin with the notion of the core product, which identifies what the consumers feel they are getting when they purchase the product. The core benefits derived when an overweight 45-year-old male purchases a $250 ten-speed bicycle is not transportation--it is the hope for better health and conditioning. In a similar vein, that same individual may install a $16,000 swimming pool in his backyard, not to obtain exercise, but
to reflect the status he so desperately desires. Both are legitimate product cores. Because the core product is so individualized, and oftentimes vague, a full-time task of the marketer is to accurately identify the core product for a particular target market. Features and Attributes of a ProductThe features and attributes of a product are integral to the product design process, which in turn assists in the creation of new products. Learning Objectives Discuss how features and attributes factor into the product design process Key TakeawaysKey Points
Key Terms
Product Design This is the process of creating a new product to
be sold by a business to its customers. It is the efficient and effective generation and development of ideas through a process that leads to new products. The Design Process This follows a guideline and involves three main sections: Analysis, Concept, and Synthesis - in a continuous feedback loop. Attributes and features play a role in all three sections. ExampleDifferent types of products will have varying levels of sophistication when it comes to features. For example, the Swiss army knife. Various models exist, with different tool combinations for specific tasks designed for everyday use. The simplest model sold includes only a single blade, the most complicated model features many extra tools like: a smaller second blade, tweezers, toothpick, corkscrew, can opener, bottle opener, slotted/flat-head screwdriver(s), phillips-head screwdriver, nail file, scissors, saw (regular, wood), file, hook, magnifying glass, ballpoint pen, fish scaler, and so on. "The Giant" Swiss Army Knifer: Since 2006, Wenger has produced a knife called "The Giant." It includes every implement the company has ever made. With 87 tools and 141 different functions. Although expansive, it is not as portable as other knives. Feature Creep The evolution of the Swiss army knife may be seen as a good example of this phenomenon: the ongoing expansion and addition of new features to a product. Extra features go beyond the basic function of the product and so can result in over-complication rather than maintaining a simple design. Viewed over a longer time period, extra or unnecessary features seem to creep into the system, beyond the initial goals. Licenses and AttributionsCC licensed content, Shared previously
CC licensed content, Specific attribution
What can be tangible or intangible as it can be in the form of services or goods?Tangible assets are the main type of assets that companies use to produce their product and service. Intangible assets are non-physical assets that have a monetary value since they represent potential revenue. Intangible assets include patents, copyrights, and a company's brand.
What are tangible and intangible services?Tangible assets are usually physical objects (like equipment and inventory) while intangible assets are valuable assets that can't be touched (such as trademarks). Both tangible and intangible assets have value and can be bought and sold. It is easier to establish the value of a tangible asset than an intangible asset.
What are the tangible good service and intangible good service?Tangible goods are physical products defined by the ability to be touched. They are distinct from intangible goods, which may have value but are not physical entities. Goods that are tangible play a large part in retail, though the purchasing of intangible goods is now widely available through the Internet.
What is the example of intangible goods that is in the form of services?Intangible products—travel, freight forwarding, insurance, repair, consulting, computer software, investment banking, brokerage, education, health care, accounting—can seldom be tried out, inspected, or tested in advance.
|
What can be intangible or tangible as it can be in the form of services or goods?
zusammenhängende Posts
Urheberrechte © © 2024 defrojeostern Inc.
