Research on Marketing Mix element

Question.
Research on Marketing Mix element, Product
MARKETING MIX
The term 'Marketing Mix' referred to as mixture of tools needed in a pursuing a certain market
response.
The marketing mix is a collection of strategies used to pursue specific market responses.
In 1960 McCarthy classify the marketing mix into 4P's but now researchers have sought to
expand the classification into 7P's while others still have sought to criticize it.
However, the 'Marketing Mix' elements are, Product, Price, Place/Distribution, Promotion
(Marketing communications), People, Process, Physical Evidence.
PRODUCT ELEMENT
Product Definition
Product can be referred to as anything from a firm that offer satisfaction to consumers or buyers.
The satisfaction may require a "total" product offering that is really a combination of excellent
service, physical good with the right features, useful instructions, a convenient package, a
trustworthy warranty and perhaps even a familiar name that has satisfied the consumer in the
past. For example, O.A. can targets business travelers that include choice of quality cars,
convenient reservations, fast pick-up and drop-off, and premium price. It can also be explained
as a bundle of benefits that offer satisfaction to customers. Product quality is determined by the
customer after using the product. The product will term as quality if it meets the expectation of
the customer based on the perception the customer has about the product.
1

ATTRIBUTE OR FEATURES OF PRODUCT
Product attributes are the characteristics of a product. They include both tangible and intangible
details, as well as subjective and objective information. All of this information enables customers
to locate, compare, and select products.
1. Tangible attributes
Tangible attributes can include such product characteristics as size, color, weight, volume, smell,
taste, touch, performance, price, design, quantity, or material composition. For example, when
you want to buy a new car, you might consider tangible attributes such as its size, color, and
material composition.
2. Intangible attributes
The unseen qualities of a physical good, such as style, quality, strength, attractiveness, and so on.
COMPONENT OF A PRODUCT
1. The Core Product: The core product is the actual benefit the consumer is seeking from
the purchase. For example, in case of a car the benefit is the transportation.
2. Generic Product: The material properties which deliver the core benefits. For example,
incase of a car, quality engine, seat belt, good seats.
3. Augmented Product: The 'package,' which contains extra services and benefits that set
the company apart from competitors' offerings. It also improves consumer loyalty.
4. Potential Product: the augmentations and transformations that the product might endure
or offer in the future.
2

Product Classification
Product classification is a marketing and business term that divides items into groups depending
on how and why customers buy them. The two classification of product are;
I. Consumer Products: These products are purchased for personal use only. They are
products aimed at the end user. There are four types of consumer products. The four
types of consumer products are as follows:
a. Convenience Product
b. Shopping goods
c. Specialty goods
d. Unsought goods
a. Convenience Product
They are products a consumer needs but is not willing to spend much time shopping for.
These products are inexpensive and are bought frequently. Products include staple, impulse
products or emergency products. (Canned soup, toffee, ambulance service). These are
products that appeal to a wide range of consumers. They are generally consumed regularly
and purchased frequently. Examples include most household items such as food, cleaning
products, and personal care products. Because of the high purchase volume, pricing per item
tends to be relatively low and consumers often see little value in shopping around since
additional effort yields minimal savings. From the marketer's perspective the low price of
convenience products means that profit per unit sold is very low. In order to make high
profits marketers must sell in large volume. Consequently, marketers attempt to distribute
these products in mass through as many retail outlets as possible.
3

b. Shopping Products
These are products consumers purchase and consume on a less frequent schedule compared
to convenience products. Consumers are willing to spend more time locating these products
since they are relatively more expensive than convenience products and because These may
have extra positive benefits for the buyer, such as increasing their perceived position in
society. Examples include many clothing products, personal services, electronic products,
and household furnishings. This product can be divided into two, namely
i. Homogeneous shopping product: They are shopping products that customers
see as the same and wants it at lowest price. E.g. Types of computers, television
sets, washing machines etc.
ii. Heterogeneous Shopping Product|: They are shopping products that customers
see as different and want to evaluate in terms of quality and suitability. E.g.
include furniture, clothing etc.
c. Specialty Product
These are products that tend to carry a high price tag relative to convenience and shopping
products. Consumption may occur at about the same rate as shopping products but consumers
are much more selective. In fact, in many cases consumers know in advance which product
they prefer and will not shop to compare products. But they may shop at retailers that provide
the best value. Examples include high end luxury automobiles, expensive champagne, and
celebrity hair care experts. The target markets are generally very small and outlets selling the
products are very limited to the point of being exclusive. They are products that customers
really want and makes necessary effort to search for. E. g Jewelry and other more expensive
clothing.
4