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PRODUCT IN
THEORY AND
PRACTICE
WHAT IS PRODUCT?
Is the object the exchange
process, the thing which the
producer or supplier offers to a
potential customer in exchange for
something else which the supplier
perceives as of equivalent or a
greater value.
EFFECTIVE
POTENTIAL
LATENT
EFFECTIVE DEMAND
Is the kind of demand in which economist are primarily interested
and my be defined as demand backed up by purchasing power
LATENT DEMAND
May be thought of as one which the consumer is unable to satisfy,
usually for lack of purchasing power
POTENTIAL DEMAND
May be said to exist where a consumer possesses purchasing power but not
currently buying.
ASSUMPTION ABOUT
COSTUMER DEMAND
DEMOGRAPICS
BUYER BEHAVIOR
AVAILABILITY
CLASSIFICATION OF CONSUMER
GOODS
consumer goods
which the costumer in the process of selection and
purchase characteristically compares on such bases as
suitability, quality, price and style, e.g. cosmetics, TVs
hairstyle.
Generalizability of scheme :
Application of a classification scheme
requires the specification of all
physical market and social context.
CHARACTERISTICS OF A BRAND
NAME
A form of identification or badge of origin
A promise of a certain level of consistency in
performance
Reassurance as to the authenticity and
authenticity and performance of the product
An indicator of the essential properties or
attributes of the product.
1.Coca -Cola
6. Nokia
2. Microsoft
7. Disney
3. IBM
8.McDonalds
4.GE
9. Toyota
5.Intel
10. Marlboro
CHARACTERISTICS OF A
PRODUCT
RELATIVE ADVANTAGE
COMPATIBILITY
COMPLEXITY
DIVISIBILITY
COMMUNICABILITY