ch6.1 - BUSI 1004 Marketing Instructor: QIU Cheng Overview...

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Product Decisions and New Product Development 6.1 6.1 BUSI 1004 Marketing Instructor: QIU Cheng 2 Overview Managing Product Life Cycle Managing Product Life Cycle Product & Product Decisions Product & Product Decisions New Product Development Process New Product Development Process More on Product Decisions More on Product Decisions Services Marketing Branding Strategy 3 A product is anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want. s Broadly defined, it includes physical objects, services, persons, places, ideas…, or mixes of these entities s Service is a form of product that consists of activities or benefits that are essentially intangible and do not result in ownership What Is a Product? 4 Augmented Product Actual Product Core Benefit Core Benefit • Transportation • Image enhancement • … Actual Product • Brand • Features • Design • Quality Augmented Product •Warranty •Delivery •Credit / Financing •After sale service E.g., Cars Three Levels of a Product back
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5 b Core benefits represent what the buyer is really buying. b Actual product represents the features, design, brand name, packaging, and quality that delivers the core benefit to the customer. b Augmented product represents additional services or benefits such as delivery, credit, installation, warranty and after sale service Three Levels of a Product 6 Product Decisions: Individual Product b Product attributes s Quality Performance quality: the ability to perform the functions Depending on target market needs and competitors Conformance quality: freedom from defects and consistency in delivering a targeted level of performance Aiming at high levels 7 Product Decisions: Individual Product b Product attributes s Features A competitive tool for differentiating a product from competitors’ products Assessed based on the value to the customer versus the cost to the company s Style and design Another way to add customer value 8 Product Decisions: Individual Product b Branding s Brand is the name, term, sign, or design, or a combination of these, that identifies the maker or seller of a product or service s Helps consumer identify products they need s Says something about product quality s Provides legal protection s Helps segment the market s Commands premium for better quality brands
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9 Product Decisions: Individual Product b Packaging s Packaging involves designing and producing the container or wrapper for a product s An important marketing tool beyond protection Recognition Attractiveness Enhances usage experience Signals quality, status, etc. s Trends: environmental sensitivity 10 Product Decisions: Individual Product b Labeling s Identifies the product or brand s Describes who made the product, where it was made, when it was made, its contents, how it is to be used s Helps promote the product or support its positioning 11 Product Decisions: Individual Product
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ch6.1 - BUSI 1004 Marketing Instructor: QIU Cheng Overview...

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