Marketing Test 2 Chapter 7 - Marketing Test 2 Chapter 7...

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Marketing Test 2 Chapter 7 Nike – Nike: Building a Deep-Down Bran-Customer Relationship! - Sales dip indicates Nike’s loss of connection with customer - Nike renews focus on customer relationships - Uses community-oriented, digitally led, social networking tools - Result: Market Share Growth in the U.S What is a Product? –Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. - Tangible objects, services, events, persons, organizations, places, ideas, or a mixture of these What are the differences between a product and a service ? – A service is an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything Services are a form of Product: - Activities, benefits, or satisfactions offered for sale - Essentially intangible - Do not result in the ownership of anything Classifications of Consumer Products (Convenience, Shopping, Specialty, Unsought), See Table 7.1) Core Customer Value (RED) – what the consumer is really buying Actual Product (2 nd Level) – brand name, service features, design, packaging, and quality level Augmented Product (Outer Level) – Additional services and benefits such as delivery and credit, instructions, installation, warranty, and service Classifications of Consumer Products (Convenience, Shopping, Specialty, Unsought), See Table 7.1)
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- A product bought by final consumers for personal consumption - Classified by how consumers buy them in: 1. Convenience Products 2. Shopping Products 3. Specialty Products 4. Unsought products 1. Convenience Products : Consumer products that customers usually buy frequently, immediately, and with minimal comparison and buying effort - Low priced - Placed in many locations to make them readily available - E.g. Laundry detergent, candy, magazines, and fast food 2. Shopping Products : Consumer products that the customer, in the process of selecting and purchasing, usually compare on such attributes as suitability, quality, price and style.
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