Marketing Ch12 part1

Marketing Ch12 part1 - C hapter 12: Setting P roduct...

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Chapter 12: Setting Product Strategy Customer judges a market offering by three basic elements: product features and quality, services mix and quality, and price. A product is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas. Marketer needs to address five product levels to constitute a customer value hierarchy. o Fundamental level: core benefit – service or benefit the customer is really buying o Second level: turn the core benefit into a basic product o Third level: expected product – set of attributes and conditions buyers normally expect when purchasing this product. o Fourth level: augmented product that exceeds customer expectations. o Fifth level: potential product – search for new ways to satisfy the customer. Differentiation arises and competition increasingly occurs on product augmentation, leading the marketer to look at the user’s total consumption system: the way the user
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Marketing Ch12 part1 - C hapter 12: Setting P roduct...

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