PRODUCT – is anything that can be offered to a market for attention, acquisition, use, or

consumption that might satisfy a want or need.

CLASSIFICATION OF PRODUCTS

1. Goods – examples are car, shampoo, pen, laptop

2. Services – examples are watch repair, massage, hotel, packaged tour
3. Events – examples are concerts, fun run, seminars
4. Persons – examples are celebrities, politicians
5. Places – examples are tourist destinations, mall
6. Organizations – examples are non-profit organizations, associations
7. Ideas – example is campaign for a brand

PACKAGING – is the first thing that a consumer sees in a product that ensures easy recognition
when it is in the marketplace.

LABELS – are a means to identify the product and to communicate the name and other
pertinent information about the product

PRODUCT LIFE CYCLE STAGES:

1. Product development - here, the company finds a new idea and develops it into a
product
2. Introduction – at this stage, the product is released in the market but sales are slow
3. Growth – in this stage, the product starts picking up sales. The sales increase as the
product becomes known in the market
4. Maturity – is where the product has reached its potential, so the sales level off and slow
down
5. Decline – is where the sales and profits go down. The product loses its popularity and
the company may choose to maintain, harvest, or drop the product from its portfolio

5 LEVELS OF A PRODUCT

1. Core Benefits – the very reason a customer buys a product

2. Generic product – the no-frills version of the product
3. Expected product – set of attributes that a buyer expects to get when buying the
product
4. Augmented product – attributes that set the product apart from its competitors
5. Potential product – all the possible improvements or transformations that a product
may undergo
DIMENSIONS OF A PRODUCT MIX

1. Length – pertains to the number of products offered in a product line. Example: Ariel,
Bonux, Tide offered by Procter and Gamble Phils.
2. Width – the number of different product lines carried. Example: hair care, household,
laundry, skin care offered by Procter and Gamble Phils.
3. Depth – the number of variants per product in a line. Example: Ice cream coming in
different flavors such as vanilla, ube, chocolate

TRIAL- AND-ERROR – this comes in when you launch a new variant (depth) and then you check
if your total sales grow significantly

BRAND – is a mark of distinction that can be sensed usually in the form of names, terms, signs
or symbols, design elements, or even a combination of these, for the purpose of identifying and
distinguishing the goods or services of one provider from another

ELEMENTS OF THE BRAND

1. Trade name 6. Shapes

2. Generic category 7. Colors
3. Logo 8. Sounds
4. Tagline 9. Scents
5. Visual cues 10. Tastes

Brand names can be: Eponyms, descriptive, abbreviations, symbolic and synthetic

NOTE: for Market Research methods, review also primary and secondary data on page 53