Chapter_9_-_product_concepts

Chapter_9_-_product_concepts - Study Guide for Marketing...

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Study Guide for Marketing 431 Summer 2009 Chapter 9 – Product Concepts What is a product? Definition Textbook* 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. *Marketing 8 th ed. Kerin et al. Layers of the Product A way of viewing the product from the customer perspective Useful in developing products Three layers Core product Actual product Augmented product Core product What is the need you are satisfying A product may offer different benefits to different people The only benefits “I” care about are the ones that satisfy my needs This is a basis of positioning Study Guide for Chapter 9 – Product Concepts Page 1 Marketing 431, Summer 2009 © 2009
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Actual product What’s in the box This is what we usually think of as the product In reality it is just a way to deliver the benefit to the consumer Lots of different ways to deliver the same benefit Augmented product The actual product in the context of the marketing mix 4 p’s Add to benefits received May or may not be bundled into the product Extended warranties Carrying case Taxonomies How do we categorize products? Business Goods Derived demand Consumer goods Will be used by consumers in its present form Consumer goods Study Guide for Chapter 9 – Product Concepts Page 2 Marketing 431, Summer 2009 © 2009
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Classified by how long they last Durable Last a long time Extensive problem solving Non durable Consumed Frequent purchases Classified by how they are purchased Convenience Shopping Specialty Unsought Product Mix Product mix All of products offered by a company Two issues Breadth, width - the number of product lines covered Study Guide for Chapter 9 – Product Concepts Page 3 Marketing 431, Summer 2009 © 2009
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Length, depth - the number of items in each product line Product line A group of products that are closely related Satisfy a class of needs
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Chapter_9_-_product_concepts - Study Guide for Marketing...

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