Answered: define the terms consumer goods,…

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter1: Marketing: The Art And Science Of Satisfying Customers

Section1.6: Eight Functions Of Marketing Physical Goods

Problem 1LO

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define the terms consumer goods, services, and industrial goods

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Step 1

Product - Its an object or material available for consumers to use in the market place. It can be offered to a market which includes consumers to satisfy needs and desire of them and meeting their satisfaction level.

Marketing Mix- It comprises of set of actions and techniques which a company uses for the customers to promote its brand or products in the marketplace to fulfill the desires of customers. The 4Ps (product, place ,price, promotion) altogether makes the marketing mix.

Levels of product- There are product level, they are as follows:-

Core benefit - The consumers are satisfied by consuming the products and services. Ex- need for digital image.
Generic product- Version of product which contains only those attributes which is necessary to function. Ex- digital images as a generic product which can be satisfied by free image processing software.
Expected product - Sets of characteristics a buyer expect while purchasing any product. Ex- A computer system expected for better color and high resolution.
Augmented product - The additional features and benefits which makes it differentiated from other product in the Marketplace. Ex- Pre-loaded Computers with high image processing software.
Potential product - Those transformed which may go for additional benefits in future to win customer loyalty.

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