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What is a marketer's task when it comes to new product development? ✔️First to create a better value
than what's out there already and second, to convince customers that this is true
What is the continuum for products and services? ✔️On the far left, there is pure good; on the far right,
there is pure service; most market offerings are somewhere in middle, with characteristics of both
How do marketers view products? ✔️As a bundle of attributes
What are attributes? ✔️Features, functions, benefits, and uses of a product
What are some examples of attributes? ✔️The packaging, brand name, benefits, and supporting
features in addition to a physical good
What is a good? ✔️A tangible product that we can see, touch, smell, hear, or taste
What are some examples of a good? ✔️A pack of cookies, an iPad, a house, a part used in production of
a Tesla electric car, or a handbag
What are intangible products? ✔️Services, ideas, people, and places - are products that we can't always
see, touch, taste, smell, or possess
What are the three layers of the product concept? ✔️The core product, the actual product, and the
augmented product
What is a core product? ✔️All the benefits the product will provide for consumers or business
customers; includes both the basic benefits and customized benefits of a product
, What is an example of a core product? ✔️Drill-bit maker - old fashioned way to make a hole; if a new
product, such as a laser, comes along that provides that outcome in a better way or more cheaply, the
drill-bit maker has a problem
What is marketing about? ✔️Supplying benefits, not attributes
What is an example of a basic benefit of a product? ✔️Primary benefit of a car is transportation
What are customized benefits? ✔️Benefits customers receive because manufacturers add "bells and
whistles" to win them over
What is an example of a customized benefit of a product? ✔️Economical transportation,
environmentally friendly car, all-terrain vehicle, and a sports car
What is an actual product? ✔️The physical good or the delivered service that supplies the desired
benefit;
What does an actual product include? ✔️Package, quality, features, design/style, and brand
What is the washing machine example for core product and actual product? ✔️Core product: ability to
have clean clothes; actual product: large, square metal apparatus
What is the medical exam example for core product and actual product? ✔️Core product: maintaining
your health; actual product: poking and prodding
What is augmented product? ✔️The actual product plus other supporting features such as a warranty,
credit, delivery, installation, and repair service after the sale
What do augmented products include? ✔️Product support, delivery & set-up, financing & credit,
warranty, and after-sale service
