 A product is the need - satisfying offering of a firm  Target market drives the product

 Convenience products – products a consumer needs but isn’t willing to spend much time or effort shopping for. › Staples – bought often, routinely, and with out much thought. Breakfast cereal, canned soup, etc… › Impulse – bought quickly as unplanned purchases. Candy bars, ice cream, etc… › Emergency – purchased immediately when need is great. Plumber, flashlights, etc…

 Shopping products – customer feels they are worth the time and effort to compare with competing products. › Homogeneous – customers feels are the same and wants the lowest price. Washing machines, computers, etc… › Heterogeneous – customer views as different and wants to inspect for quality and suitability. Clothing, mattress, etc…

 Specialty products – consumer products that the customer really wants and makes a special effort to find. Brand name goods, art, etc…  Unsought products – potential customers don’t yet want or know they can buy. › New – new ideas that customers don’t know about › Regularly – gravestones, life insurance.

 Business products – products sold for use by a business to create its products › Raw materials › Installations › Accessory equipment › Component parts › Maintentance, repair, and operating supplies › Professional services

 Create new market with new product or product line  Enter existing but not previously targeted market with new product or product line  Stay in existing and previously targeted market by enhancing existing product or product line