Upon completion of this chapter, the student will be able to answer the following questions:

1. What is a product, and what are the dimensions of the "augmented product concept"?
2. How can consumer goods be classified, and of what use are these classifications for consumer marketing strategy decisions?
3. How can organizational goods be classified, and of what use are these classifications for business-to-business marketing strategy decisions?
4. What are the key product-related issues that confront marketers, and what are some ways that each issue can be resolved?
5. What are the advantages, disadvantages, and significance of the product lifecycle concept, and how can it be applied to marketing decisions?
6. Why is test marketing used, and what are the advantages and disadvantages of using this approach when entering a new product and/or market situation?
7. What are the basic strategies for launching new products?
8. What are the elements of a branding strategy, and what role does brand equity play in an overall product and marketing strategy?