Chapter 10 - Day 17 & 18 student

Chapter 10 - Day 17 & 18 student - CHAPTER 10...

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CHAPTER 10 Product Concepts © iStockphoto.com/Nikolay Titov
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LO 1 Define the term  product LO 2 Classify consumer products LO 3 Define the terms  product item,  product line,  and  product mix LO 4 Describe marketing uses of  branding Learning Outcomes
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LO 5 Describe marketing uses of packaging  and labeling  LO 6 Discuss global issues in branding  and packaging LO 7 Describe how and why product  warranties are important marketing  tools Learning Outcomes
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P = Product q The starting point of the  “4 Ps” q Includes q Physical unit q Package q Warranty q Service q Brand q Image q Value Product q Products can be… q Tangible goods q Ideas q Services Everything, both favorable and  unfavorable, that a person  receives in an exchange.
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Types  of Products Business Product Consumer Product A product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers A product bought to satisfy an individual’s personal wants
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Types of Products Business Product (Industrial Product) Consumer Product A product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other consumers. A product bought to satisfy an individual’s personal needs or wants Major Equipment (Installations), Accessory  Equipment, Component Parts, Processed  Materials, Raw Materials, Supplies, and  Services Convenience Products Shopping  Products           Specialty  Products       Unsought Products
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Types of Consumer Products Market Development Diversification Increase market share among existing customers Attract new customers to existing products Introduce new products into new markets Create new products for present markets Convenience Product Shopping Product Specialty Product Unsought Product A relatively inexpensive item that merits little shopping effort A product that requires comparison shopping, because it is usually more expensive and found in fewer stores A particular item for which consumers search extensively and are reluctant to accept substitutes A product unknown to the potential buyer or a known product that the buyer does not actively seek
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Product Items, Lines, and Mixes Product Item Product Line Product Mix A specific version of a product that can be designated as a distinct offering among an organization’s products. A group of closely-related product items. All products that an organization sells.
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Campbell’s Product Lines and Mix { }
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Benefits of Product Lines Equivalent Quality Efficient Sales and Distribution Standardized Components Package Uniformity Advertising Economies (more impact for equivalent spending) a common look but maintain individual identities reductions in manufacturing and inventory costs a full range of choices to customers all products in a line are perceived as having similar quality
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Chapter 10 - Day 17 & 18 student - CHAPTER 10...

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