MKTG 396 Midterm Notes Lesson 7.docx - Lesson 7 Product Branding and Lifecycle Strategies Chapter 9 Products Services and Brands Building Customer Value

MKTG 396 Midterm Notes Lesson 7.docx - Lesson 7 Product...

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Lesson 7: Product, Branding, and Lifecycle StrategiesChapter 9 – Products, Services and Brands: Building Customer ValueChapter 10 – New Product Development and Product Life-Cycle Strategies1.define product, and describe the main classifications of products and services. (textbook, pp. 279–285)Product – anything that can be offered to a market for attention, acquisition, use or consumption that may satisfy awant or a need.“Products” also include: services, events, persons, places,, organizations, ideas or a mixture of theseProducts, Services and ExperiencesProducts are a key element in the overall “market offering”A company’s market offering often includes both tangible goods and servicesPure tangible good – i.e. soapPure service – i.e. financial servicesMany goods and services are offered as a combinationTo differentiate their offers, many companies are creating and managing customer experiences with their brands or companyLevels of Products/ServicesBasic Level= core customer value – what is the buyer really buying?When designing products, marketers must first define the core, problem-solving benefits or services that consumers seek.Second Level– product planners must turn the core benefit into an actual productThird (Final) Level– product planners must build an augmented product around the core benefit and actual product by offering additional consumer services and benefits.Consumer Products– are products and services bought by final consumers for personal consumption; they include:convenience products– consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effortshopping products– are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price and stylespecialty products– are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effortunsought products– are consumer products that the consumer either does not know about or knows about but does not normally consider buying.Business Product– are those purchased for further processing or for use in conducting a business.
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*The distinction between a consumer product and a business product is based on the purpose for which the product is purchased.3 groups of business products:1) Materials and parts – raw materials2) Capital items – installations and accessory equipment3) Supplies and services – operating supplies and repair and maintenance itemsOther Market OfferingsOrganization marketing – consists of activities undertaken to create, maintain or change the attitudes and behavior of target customers toward an organizationPerson marketing – consists of activities undertaken to create, maintain, or change attitudes or behavior toward particular people.
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  • Spring '15
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