11 - Product & Branding Product: anything that can be...

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Product: anything that can be offered to a market to satisfy a want or need:  tangible good, service, idea Business product (USC- paper, bookstore): product used to manufacture other  goods or services, to facilitate an organization’s operations, or to resell to  other consumers.  Consumer- consumer, shopping, specialty, unsought (casket, life insurance);  bought to satisfy an individual’s needs or wants  4 Types of consumer products: Convenience, Shopping, Specialty, Unsought 3 Levels of Product:  Example: Car 1) Augmented product: everything that comes with the car (hat you get from  the dealership, service when and after purchasing the car) *All the extras  that you get 2) Actual Product: the car itself 3) Core benefit: transportation, freedom (reasons for purchasing a car) Durability and Tangibility:  Durable: things that last (washing machines, clothing) Nondurable: don’t last (drink, food) Services -There are a lot of different ways your product can differentiate itself from  other products: form, features, performance, conformance, durability, design,  ordering ease, delivery, installation, etc.  Example: *Cell phone service: there are not a whole lot of ways for phone companies to  differentiate themselves (product form-Blackberry Curve, reliability- Verizon) Example of Design differentiation:  Dunkin Donuts: wants to keep it simple (in comparison to Starbucks) -Old school market approach- market to everyone -Brand affordable and accessible; focus on equality
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-Present themselves as common company, every day brand, straightforward  -Unique process and own all of their formulas  -Always brings it back to the every day person Maintenance and Repair (product differentiation): Geek Squad  Target/K-mart/Wal-Mart *Different- design, brought in famous people to design lines of linen/cookware  Product life cycle: all products go through a lifespan (some like Coca-Cola  peak and keep going along for a long time) Graph: Vertical- Sales and Profits; Horizontal- Time (Intro, Growth,  Maturity, Decline)  -Tracks Profits and Sales over time -Profits can never be above your sales KNOW HOW TO DRAW FOR TEST -Intro  growth  maturity (sales peak, profits peak, and then start to  decline)  decline  FACTS about life cycles: products have limited life, sales pass through  distinct stages, profits rise and fall at different stages, products require 
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This note was uploaded on 04/30/2008 for the course BUAD 307 taught by Professor Morristowns during the Spring '07 term at USC.

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11 - Product & Branding Product: anything that can be...

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