Chapter 14 - Chapter 14: developing and Pricing products...

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Chapter 14: developing and Pricing products and services I> product Development and the total product offer a. value : a.i. good quality at a fair price a.ii. when consumer calculate the value of a product, they look at the benefits and then subtract the costs to see if the benefits exceed the costs b. components of the product b.i. total product offer : everything that consumers evaluate when deciding whether to buy something; also called a value package b.i.1. price b.i.2. package b.i.3. store surroundings b.i.4. image b.i.5. guarantee b.i.6. reputation b.i.7. brand name b.i.8. buyer’s past experience b.i.9. speed of delivery b.i.10. accessibility of marketer b.ii. value b.ii.1. everything that consumers evaluate when deciding whether to buy something b.iii. product line b.iii.1. group of products that are physically similar or are intended for a similar market b.iv. Product mix b.iv.1. the combination of product line offered by a manufacturer b.v. product differentiation b.v.1. the creation of real or perceived product differences II> the 5 th p? a. product packaging a.i. protect the product a.ii. attract the buyer’s attention a.iii. describe contents and give information a.iv. explain benefits of good a.v. provide warranties, warnings, and other consumer relevant information a.vi. give indication of price, value, and uses III> Differentiation a. Convenience goods and services a.i. Products that the consumer wants to purchase frequently and with a minimum of effort b. Shopping good sand services b.i. Those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers
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c. Specialty good and services c.i. Consumer products with unique characteristics and brand identity. c.ii. Because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them d. Unsought goods and services d.i. Product that consumers are unaware of, haven’t necessarily thought of buying, or find that they need to solve an unexpected problem IV> Industrial goods : products used in the production of other products. Sometimes called business good or B2B goods V> Branding a. Brand : a.i. A name, symbol, or design (or combination) that identifies the goods or services of one seller or group of seller sand distinguishes them from the
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This note was uploaded on 02/23/2012 for the course MGT 101 taught by Professor Staff during the Fall '10 term at Texas State.

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Chapter 14 - Chapter 14: developing and Pricing products...

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