Intro to Marketing_Herzenstein_Date__032210

Intro to Marketing_Herzenstein_Date__032210 - o Augmented:...

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Notes go with Product Management slides Product Anything that satisfies a need - Examples: physical goods, services, ideas, events, places, organizations etc Service Usually intangibles/can’t be stored Memorable product forecasts - Shows how difficult it is to forecast what is going to go on in the market Product Hierarchy Every product starts with some really basic needs (security and nurturance) - Example: Security o Need family: security o Product family: savings and income o Product class: financial instruments o Product line: life insurance o Brand: prudential o Variant: prudential renewable term life insurance - Go from basic need to narrow it down to satisfy it What is a Product? Core value: what consumer wants to buy (problem solving, benefit) Tangible: design, feature, branding/packaging, labeling, styling, quality Augmented: installation, warranty, after sale service, delivery, credit - Example: Camera o Core: remember moments/events/people in our life o Tangible: cannon, quality (zoom), styling, battery
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Unformatted text preview: o Augmented: warranty, customer service, financing offer, free shipping Facebook Core: network, need to belong (to a group) Tangible: messaging, pictures Augmented: security services, feedback opinion based! Branding-Differentiates product from the competition Why Brand? Establish integrity/consistency so people buy from you and not competitors-Signal quality (brand loyalty) o Example: Usa vs. U.S.A P&G Satanic Symbol-Basically to show you how sometimes your brand symbol can backfire Brand equity How much more money consumers will pay for a specific brand-Pyramid= important Business week Ranking of top (brands) global brands-Coca-Cola or Google were 1 st Brand Strategies-Know the Square and what it means-Examples: o Yoplait adds different flavored yogurt (line extension) o Crest started to make tooth brushes (brand extension) o Tide, Gain, Drift by P&G (multi brands)...
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Intro to Marketing_Herzenstein_Date__032210 - o Augmented:...

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