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Study_Guide_for_Lecture_9_-_Product_development - Study...

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Study guide for lecture 9: Product Development What is a Product Definition 0. Textbook* 0. Product: A good, service or idea consisting of a bundle of tangible and intangible  attributes that satisfies consumers and is received in exchange for money or some  other unit of value. 0. *Marketing 8 th  ed. Kerin et al. Levels of the Product 1. A way of viewing the product from the customer perspective 2. Useful in developing products 3. Three layers 4. Core benefit 1. What is the need you are satisfying 0. A product may offer different benefits to different people 1. The only benefits “I” care about are the ones that satisfy my needs 2. This is a basis of positioning 5. Actual product 2. What’s in the box 3. This is what we usually think of as the product 3. In reality it is just a way to deliver the benefit to the consumer 4. Lots of different ways to deliver the same benefit Marketing 431 Study Guides © 2009 Lecture 9: Product Development page 1
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6. Augmented product 4. The actual product in the context of the marketing mix 5. 4 p’s 6. Add to benefits received 7. May or may not be bundled into the product 0. Extended warranties 1. Carrying case Taxonomies 7. How do we categorize products? 5. Business Goods 8. Derived demand 6. Consumer goods 9. Will be used by consumers in its present form Business goods 8. Production goods 7. Raw materials 8. Components 9. Support goods 9. Installations 10. Accessory equipment 11. Supplies 12. Industrial services Consumer goods 10. Classified by how long they last 13. Durable 10. Last a long time 11. Extensive problem solving
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Study_Guide_for_Lecture_9_-_Product_development - Study...

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