Chapter 10 - Chapter 10 Global product o A product is a...

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Chapter 10 Global product o A product is a good, service, or idea that has tangible and intangible attributes and that can be classified as a consumer or industrial good. o Tangible attributes a product’s tangible attributes can be assessed in physical terms such as weight, dimensions, or materials used. Consider, for example, a flat- panel TV with an LCD screen that measures 42 inches across. o Intangible attributes Intangible product attributes, including status associated with product ownership, a manufacturer's service commitment, and a brand's overall reputation or mystique, are also important. o The product “P” of the marketing mix is at the heart of the challenges and opportunities facing global companies today: Management must develop product and brand policies and strategies that are sensitive to market needs, competition, and company ambitions and resources on a global scale. Buyer orientation o Buyer orientation is a composite measure of the amount of effort a customer expends, the level of risk associated with a purchase, and buyer involvement in the purchase. The buyer orientation framework includes such categories as convenience, preference, shopping, and specialty goods. Global brand o Customers integrate all their experiences of observing, using, or consuming a product with everything they hear and read about it. The essence of a brand exists in the mind; as such, brands are intangible. However, companies develop logos, distinctive packaging, and other communication devices to provide visual representations of their brands. o Bundle of images and experiences in the customer’s mind o A promise made by a particular company about a particular product o A quality certification o Differentiation between competing products o The sum of impressions about a brand is the Brand Image Brand Equity o The added value that accrues to a product as a result of investments in the marketing of the brand o An asset that represents the value created by the relationship between the brand
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This note was uploaded on 04/02/2012 for the course MKTG 4820 taught by Professor Susancarley during the Fall '09 term at Kennesaw.

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Chapter 10 - Chapter 10 Global product o A product is a...

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