7 - Marketing Management MARKETNG 7104 Session 7 Product...

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5/07/2016 1 Session 7: Product decisions Marketing Management – MARKETNG 7104 LEARNING Objectives Understand the concept of a product and how products are classified Understand the connection between the concepts of product line and product mix Understand the concept of product life cycle and its impact on marketing strategies Understand the consumer adoption process and its connection to the product life cycle Understand the major packaging functions and design considerations as used in marketing strategies Understand the functions of labelling and selected legal issues
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5/07/2016 2 What Is a Product? A good , a service or an idea received in an exchange A good is a tangible physical entity (or thing) Laptop, desk, book, vehicle or house A service is a mostly intangible result of the application of human and mechanical efforts to people or objects Entertainment, education, medical examinations An idea is a concept, philosophy, image or issue Political, religious, social or secular activities can all be communicated to try to gain acceptance TOTAL PRODUCT OFFERING Three interdependent elements of total product offering Supplementary Features Core Product Symbolic and Experiential Benefits
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