Chapter 8 - Chapter 8 Creating the Product Layers of the...

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Unformatted text preview: Chapter 8: Creating the Product Layers of the Product Concept Making and Delivering Value Making Marketing Value Decisions Understanding Consumer’ Value Needs Creating the Value Proposition Communicating the Value Proposition Delivering the Value Proposition • Core Product- Basic Benefits o all the benefits the product will provide for consumers or business customers o Marketing is about supplying benefits not products • Actual Product- Feature, Package, Brand, Quality, Appearance o The physical good or the delivered service that supplies the desired benefit • Augmented Product- Warranty, Repair/maintenance service, Installation, Customer support services, Delivery, Credit, Product-use instruction o the actual product plus other supporting features such as a warranty, credit, delivery, installation, and repair service after the sale. Classifying Products How long does the product last? • Durable goods- long period of time of benefits, cars, furniture and appliances • Non-durable goods- short period of time benefit because they are consumed or no longer useful, food, newspaper How do Consumers Buy the Product? • Convenience Products- consumer good that is usually low priced, widely available and purchased frequently with a minimum of comparison or effort o Staples- basic or necessary items that are available everywhere o Impulse product- product bought at the spur of the moment o Emergency products- thing we purchase when in dire need o Fast moving consumer goods (FMCG)-...
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Chapter 8 - Chapter 8 Creating the Product Layers of the...

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