Module6 - Products Services and Brand Introduction When all...

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1 Products, Services, and Brand Introduction When all is said and done, the fate of businesses rests primarily on whether or not customers value the products or services they offer. When customers believe that the value they receive from a company's products exceeds the cost they have to give up to obtain that product or use that service, they typically buy and continue buying until they no longer see that value or until the product or service is no longer available to them. Everything we've talked about in previous modules has focused on some of the key considerations organizations must address to help optimize the success of their product sales or service delivery. In this module, we'll turn our attention to products, the manifestation of a company's value offering to customers. We'll also look at the important role that brands and branding play in enhancing businesses' product and service offerings to customers and in distinguishing companies from their competitors. Student Outcomes Recognize and understand the different types of products available. Understand the main product and service differentiators. Understand the similarities and differences between products and services. Grasp the key considerations involved with consumer brands and branding. Assignments Read: Breakaway Brands: Connecting with Customers Assignment 6.1: You Are the Company
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2 The Importance of Products Let's start with a definition: A product is anything that can be offered to prospective customers for their acquisition, use, or consumption in order to possibly satisfy a need or want. Often in this course, we'll speak of products in a way that includes both products and services. A service is a form of product offering that consists of intangible activities or benefits that do not result directly in the ownership of any physical property or material. Services make up about 79 percent of the U.S. gross domestic product. Since they comprise such a significant portion of business in the United States and abroad, they are commonly grouped together with products. The word product , defined within in a broad context, can also include events (such as concerts), people (consider your favorite film or music stars, or other famous personalities like Martha Stewart and Oprah Winfrey), places (say, the use of a rental beach house or entrance tickets for the Disneyland theme park), organizations (when organizations strive to sell themselves), ideas (like copyrighted and trademarked creative materials), or some mix of these things. For our purposes, we'll use the term product to cover any or all of these, but our focus will usually be on physical products and services. In this module, we'll look at the different types of products and the important product marketing considerations businesses need to think about when addressing this next P in the four Ps. Product is a key element of a company's overall market offering. In many ways, it is the
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Module6 - Products Services and Brand Introduction When all...

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