Marketing Mix - PRODUCT

Selecting which products to buy and sell

Researching and creating product designs

Naming and packaging products

Setting the price of products

Brand or product name

Styling

Quality

Distribution channels

Poor packaging

Unexpected competitor reactions

Too expensive

Unexpected consumer reactions

Customers buy products for their features, not benefits

Brand name or packaging rarely influences consumers

Extended warranties can help create customer loyalty

'New and improved' products usually fail in the market

Products produced by many companies and used interchangeably

Products meant to replace inferior products

Items of necessity bought quickly and with little thought

Products that are highly specialized and unique

bug spray

desserts

home security system

fire extinguishers

Milk and soap

Designer clothes and jewelry

Smartphones and laptops

Luxury cars and watches

Products customers do not plan to buy

Require careful consideration before buying

Sales may be lost if not seen at the right place and time

Examples include candy and magazines

Umbrella

Wedding dress

Diamond ring

Lemon-lime soda

They use trademarked names and logos

They are equivalent to brand name products

Their packaging often looks similar to brand name products

They are purchased only in emergencies