09.Products and Brands

09.Products and Brands - Products, Services, and Brands The...

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Products, Services, and Brands
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The Marketing Strategy Process Customers Company Competitors Target Market Selection Positioning Market Segmentation Product Place Promotion Price Customer Retention Customer Acquisition Profts The Marketing Mix Context Source: HBS
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Products and Brands 1. Classifying products 2. Product items, lines, and mixes 3. Three levels of a product 4. Product life cycle 5. New product development process 6. Services 7. Brands
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Product Anything that is offered to a market for consumption that satisFes a need. A bundle of attributes that satisFes consumers and is received in exchange for money or some other unit of value.
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Consumer Goods Consumer goods are products purchased by the ultimate consumer.
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Classifying Consumer Goods Based on Shopping Effort Convenience Products Shopping Products Specialty Products Unsought Products Relatively inexpensive product that merits little shopping effort More expensive than convenience product, requiring more shopping effort Extensive search effort; consumer reluctant to accept substitute Product that the buyer does not actively seek
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Business Goods Business goods are products that assist directly or indirectly in providing products for resale.
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Classifying Business Goods Production Products Support Products Items used in the manufacturing process that become part of the Fnal product Items used to assist in producing goods and services
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Product Items, Lines, Mixes A specifc version oF a product A group oF closely related product items All products an organization sells Product Item Product Line Product Mix
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Three Levels of a Product Augmented Product Basic Product Core BeneFt Tangible product features Packaging Accessories Warranty Service Ancillary products
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The Product Life Cycle The stages a product goes through in the market place: introduction, growth, maturity, and decline
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The Product Life Cycle The product life cycle is based on four premises: 1. Products have limited life 2. Product sales pass through distinct stages, each with different marketing implications 3. ProFts from a product vary at different stages in the life cycle 4. Products require different strategies at different life- cycle stages
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The Product Life Cycle Introduction Growth Maturity Decline Sales ProFt 0 + - Promote to inform and encourage trial Market skimming or penetration Add features Improve quality Add channels New markets Modify market Modify product Modify marketing mix Maintain Harvest Drop
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New Product Development Process Idea Generation Idea Screening
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This note was uploaded on 11/17/2011 for the course BUS M 241 taught by Professor Swenson,j during the Fall '11 term at BYU.

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09.Products and Brands - Products, Services, and Brands The...

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