Thus, the distinction between a consumer product and an industrial product is based on the purpose for which the product is bought. If a consumer…

Product We define a product as anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a…

Types of Wholesalers Wholesalers fall into three major groups. Merchant wholesalers, brokers and agents, and manufacturers’ sales branches and offices. Merchant Wholesalers are the largest…

Desirable qualities for a brand name include: (1) It should suggest something about the product’s benefits and qualities. Examples: DieHard, Easy-Off, Craftsman, Sunkist, Spic and…

Idea Generation (Most Important) New-product development starts with idea generation – the systematic search for new-product ideas. A company typically has to generate many ideas…

Marketing Skimming Pricing Setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the…

Shopping Products Shopping products are less-frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style. When buying shopping products…

A company that practices segment marketing recognizes that buyers differ in their needs, perceptions, and buying behaviors. The company tries to isolate broad segments that…

Need Recognition The buying process starts with need recognition – the buyer recognizes a problem or need. The buyer senses a difference between his or…