Product

Anything offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want.

Product is the first and most important element of the marketing mix.

Marketing-mix planning begins with formulating an offering to meet target customers needs or wants.

The customer will judge the offering by three basic elements:

1)   Product features and quality,

2)   Services mix and quality and Price

 Types of Consumer Products

Convenience

1)   Frequent purchases bought with minimal buying effort and little comparison shopping

2)   Low price

3)   Widespread distribution

4)   Mass promotion by producer

Shopping

1)   Less frequent purchases requiring more shopping effort and price, quality, and style comparisons.

2)   Higher than convenience good pricing

3)   Selective distribution in fewer outlets

4)   Advertising and personal selling by producer and reseller

Specialty

1)   Strong brand preference and loyalty, requires special purchase effort, little brand comparisons, and low price sensitivity

2)   High price

3)   Exclusive distribution

4)   Carefully targeted promotion by producers and resellers

Unsought

1)   Little product awareness and knowledge (or if aware, sometimes negative interest)

2)   Pricing varies

3)   Distribution varies

4)  Aggressive advertising and personal selling by producers and resellers.