5. Consider the following needs when analyzing the product/service. It is not necessary for a product /service to address all of these. ƒ Physical: food, warmth, shelter, sleep, etc. ƒ Physiological: health, cleanliness, comfort, fitness, safety, etc. ƒ Emotional: euphoria, love, prestige, stress, etc ƒ Social: ethical, honesty, power, competitiveness, integrity, friendship, etc. ƒ Intellectual: achievement, better decisions, artistry, etc. ƒ Economic: revenues, productivity, cost savings, maintenance, etc. ƒ Financial: ROI, DCF, payback, burn rate, etc. Product or Service 1. Describe the product or service. Consider the following product attributes ( Boyd, Walker and Larreche, Marketing Management 1995, Irwin Publishing)? • Performance: durability, quality of materials, defect levels, tolerances, construction, dependability, functional performance (acceleration, nutrition, taste), efficiency, safety, styling, packaging, etc. • Cost: purchase price, quantity discounts, operating costs, repair costs, cost of extras or options, cost of installation, trade in allowance, likely resale value, etc. • Availability: carried by local stores, credit terms, quality of service available from local dealer, delivery time, credit card, on-line transactions, etc. • Social: status, image, popularity with friends, popularity with family members, reputation of brand, style, fashion, etc. • Service: hours, warrant, guarantee, return/replacement policy, upgrades, maintenance, training, installation, repair service, spare parts, customer support, tech support, training, product design, make to order, level of inventory, quotation response time, lead time, quality certification, employee capabilities, etc. • Environment: location, atmosphere, layout, fixtures, aesthetics, style, sound, lighting, color, etc. 4