Question 1 characteristics of products

Product Characteristics and Classifications

SACHET JAINIIT DELHI

What are the characteristics of the products, and how

do marketers classify products ?

Product Levels

Product Levels

Core benefit - service or benefit customer is really buying.

Basic product – At a second level, core benefit is converted into a basic product.

Expected product – set of attributes and conditions, a buyer expects of the product.

Augmented product – prepared product exceeding expectations.

Potential product – encompassing all possible augmentations product might undergo in future

Product classifications

Durability and Tangibility

• Non-durable goods

• Durable goods

• Services

Consumer Goods classification

Convenience Goods• Staples• Impulse goods• Emergency goods

Shopping Goods• Homogeneous shopping goods• Heterogeneous shopping goods

Specialty Goods

Unsought Goods

Industrial Goods Classification

Materials and PartsFarm products Natural productsManufactured materials and partsComponent materialsComponent parts

Capital ItemsInstallationsEquipment

Supplies and business servicesMaintenance and repair itemsOperating suppliesMaintenance and repair servicesBusiness advisory services

Created by Sachet Jain, IIT Delhi, during an internship by Prof. Sameer Mathur, IIM Lucknow.

www.IIMInternship.com