(3) - Product Concepts Mission Objectives Product Concepts...

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Product Concepts 2/24/2016 University of North Texas 1 Marketing Foundations 11/5/97 University of North Texas 1 Product Concepts & Product Life Cycles Dr. Kenneth N. Thompson University of North Texas Marketing Foundations SWOT Control Mission & Objectives Strategy & Tactics Product-Market Selection Identify Product-Market Determine Product/Service Mix Determine Position Determine Price, Promotion, Distribution Implementation Threats & Market Opportunities (MOA) Strengths & Weaknesses The Strategic Marketing Management Process Marketing Foundations 11/5/97 University of North Texas 4 Objectives & Overview Understand the ‘meaning’ of product How consumer & organizational goods are classified Relationship between product, items, lines & mixes Examine product life cycles Discussion PLC implications for managing products Marketing Foundations 11/5/97 University of North Texas 5 The Meaning of Product Marketing Foundations What is a "Product?" 2/24/2016 University of North Texas 6 A good, service, or idea that offers a bundle of tangible and intangible attributes to satisfy customers’ wants & needs. Focus now on ‘goods’ as products Marketing Foundations Core Values • Benefits • Value • Utilities Physical Product • Reliability • Brand Name • Quality • Styling • Features • Package The Enhanced Product • Warrantee • Set-Up • Shipping Package • Delivery • Customer Service • Credit The Basic Product The Levels of Product
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Product Concepts 2/24/2016 University of North Texas 2 Marketing Foundations 11/5/97 University of North Texas 8 “Core” Values Core values consist of the benefits, values, utilities the product provides -- its ability to satisfy the customer’s basic needs Benefits Values Utilities Marketing Foundations 11/5/97 University of North Texas 9 The Physical Product Physical Product Core Values The Physical Product includes the physical attributes & associated characteristics that provide the basic benefits the customer desires Reliability Styling Quality Brand Name Features Package Marketing Foundations 11/5/97 University of North Texas 10 The Enhanced Product The Enhanced Produc includes all the "extras" that go with the product Physical Product Core Values Customer Service Marketing Foundations 11/5/97 University of North Texas 11 The TOTAL PRODUCT includes the benefits the product provides, the basic physical product or service that provides those benefits, and all the "extras" that go with the augmented product. The “brand” or “brand image” is a partially a function of the total product. Total Product Marketing Foundations 11/5/97 University of North Texas 13 Goods-Services Continuum Pure Services Pure Goods Dental Care Health Club Recreation Restaurant Theater Pest Control Wrist Watch Shovel Chair Marketing Foundations 11/5/97 University of North Texas 14 Classification of Consumer Goods Effort expended for purchase Convenience Products Very Little Effort Shopping Products Considerable Effort Specialty Products Most Effort
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Product Concepts 2/24/2016
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