6 concepts
Developing Products
Organizations assess the current market for new product opportunities and, when potentially profitable, develop new product prototypes to test feasibility of production.
Developing Services
Service products are offered by a wide variety of industries such as barbers, travel agencies, and consulting firms.
Classifying Consumer Products
Consumer products can be classified as convenience, shopping, or specialty goods.
Classifying Business Products
Business products are goods or services that are sold to other businesses rather than to end-consumers.
Marketing Classes of Products
Products can be classified based on consumer versus industrial goods and goods versus services.
Using a Product Life Cycle Framework
Evidence suggests that every product goes through a lifecycle with different phases of sales and profits.