Lecture (WK5) - Lecture(WK5 ChapterIX ANDSERVICES...

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Lecture (WK5) Chapter IX   ELEMENTS OF PRODUCT PLANNING FOR GOODS  AND SERVICES PRODUCT AREA INVOLVES MANY STRATEGY DECISIONS Customers buy satisfaction, not “products”   Products -- means “need satisfying offerings” of a firm   Quality is important -- that is, products ability to satisfy a customers needs or  requirements.    DIFFERENCES IN GOODS AND SERVICES Good: is physical. Service: is deed performed. (Most goods are “combination of  both)   Goods: produced, then sold. Service: sold, then produced   WHOLE PRODUCT LINES MUST BE DEVELOPED Product assortment: set of all product lines and individual products   Product line: set of products, closely related   Individual product: particular product within a product line   BRANDING IS A STRATEGY DECISION Branding: Use of name, term, symbol, or design, or combination to identify  product   Brand name: Word, letter, or group   Ron_Knapp_L5.doc
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Trademark: Words, symbols, marks, that are legally registered  BRANDING -- WHY IT DEVELOPED Formed during the middle ages to control quantity/quality of production   Makes customer shopping easier   Can improve a company's image    CONDITIONS FAVORABLE TO BRANDING (6) 1) Product is easy to identify   2) Best value for the price   3) Dependable, widespread availability   4) Demand is strong
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Lecture (WK5) - Lecture(WK5 ChapterIX ANDSERVICES...

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