MBLecture4ht08 - 080921 Lecture 4 Product, product...

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08‐09‐21 1 Lecture 4 Product, product development and pricing Product, Services, and Branding Strateg y Products What Is a Product? Products, Services, and Experiences Product is anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want Service is a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in ownership
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08‐09‐21 2 What Is a Product? Core benefts represent what the buyer is really buying Actual product represents the design, brand name, and packaging that delivers the core beneft to the customer Augmented product represents addi?onal services or benefts oF the actual product Product and Service Classifications Consumer products are products and services for personal consumption Classified by how consumers buy them Convenience product are consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effort Shopping products are consumer products and services that the customer compares carefully on suitability, quality, price, and style Specialty 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 effort Unsought products are consumer products that the consumer does not know about or knows about but does not normally think of buying Product and Service Decisions Product features are a competitive tool for differentiating a product from competitors’ products. Style describes the appearance of the product Design contributes to a product’s usefulness as well as to its looks
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08‐09‐21 3 Product and Service Decisions Brand is the name, term, sign, or design, or a combination of these, that identifies the maker or seller of a product or service Packaging involves designing and producing the container or wrapper for a product Label identifies the product or brand, describes attributes, and provides promotion Product and Service Decisions Product line is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, or fall within given price ranges Product line length
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MBLecture4ht08 - 080921 Lecture 4 Product, product...

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