MGTB04 Lecture 6 - Products Services and Brands Lecture 6...

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Lecture 6 Products, Services, and Brands
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What Is a Product? Product – anything that can be offered to satisfy a consumer’s need/want Service – an intangible product; buying a service does not result in ownership Market offerings often consist of a combination of goods and services 10/17/2011 Alison Jing Xu ©All Rights Reserved
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Seller’s services Product quality Physical characteristics of goods Price Brand Packaging Product warranty Seller’s reputation Colour What is a Product? Design 10/17/2011 Alison Jing Xu ©All Rights Reserved
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What Is a Product? Types of Consumer Products Convenience Shopping Specialty Unsought Frequent purchases bought with minimal buying effort and little comparison shopping Low price Widespread distribution Readily available (placed conveniently in stores) Examples: Snack foods, milk, newspapers 10/17/2011 Alison Jing Xu ©All Rights Reserved
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What Is a Product? Types of Consumer Products Convenience Shopping Specialty Unsought Less frequent purchases More comparison effort Higher than convenience good pricing Selective distribution Personal selling, advertising Examples: cars, furniture, clothes 10/17/2011 Alison Jing Xu ©All Rights Reserved
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What Is a Product? Types of Consumer Products Convenience Shopping Specialty Unsought Strong brand preference and loyalty, requires special purchase effort, little brand comparisons, and low price sensitivity High price Exclusive distribution Carefully targeted promotions Examples: high-end luxury cars, designer clothes 10/17/2011 Alison Jing Xu ©All Rights Reserved
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What Is a Product? Types of Consumer
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MGTB04 Lecture 6 - Products Services and Brands Lecture 6...

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