Product Families: The Basics
What are the 7 types of product?
There are 7 types of product:
1. Services
2. Experience
3. Physical
4. Information
5. Place
6. Membership
7. Event
1. Services are intangible and cannot be touched. They are produced by people and businesses to satisfy customer needs or wants. They are often perishable, meaning they cannot be stored or resold. Examples of services include: haircuts, car washes, and massages.
2. Experiences are also intangible and cannot be touched, but they are different from services in that they are often memorable and can be shared with others. Experiences are produced by people and businesses to satisfy customer needs or wants. They are often perishable, meaning they cannot be stored or resold. Examples of experiences include: attending a concert, going on a safari, and visiting a spa.
3. Physical products are tangible and can be touched. They are often produced by businesses to satisfy customer needs or wants. They are often durable, meaning they can be stored and resold. Examples of physical products include: clothing, furniture, and appliances.
4. Information products are intangible and cannot be touched, but they are different from services in that they are often knowledge-based. Information products are produced by businesses to satisfy customer needs or wants. They are often perishable, meaning they cannot be stored or resold. Examples of information products include: books, e-books, and online courses.
5. Place products are tangible and can be touched, but they are different from physical products in that they are often locations. Place products are produced by businesses to satisfy customer needs or wants. They are often durable, meaning they can be stored and resold. Examples of place products include: office space, retail space, and event space.
6. Membership products are intangible and cannot be touched, but they are different from services in
What are the 3 different components in a product line?
1) A product line is a group of products that are closely related, either because they serve the same purpose or because they are similar in terms of design, function, or both.
2) Product lines can be created by a single manufacturer or they can be the result of a collaboration between multiple manufacturers.
3) Product lines can be created to meet the needs of a specific market or customer segment, or they can be created to offer a complete solution for a particular application.
What is a group of products called?
A product group is a collection of similar products that are marketed together. Product groups can be created by manufacturers or retailers, and they can be used to communicate to customers the similarities between products in the group. Product groups can also be used for pricing, promotions, and inventory management purposes.