mktg chp7

mktg chp7 - Marketing An Introduction Chapter 7 Product...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Marketing: An Introduction Chapter 7: Product, Services, and Branding Strategy What is a Product? Product- anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need o More then just tangible goods; include physical objects, services, events, persons, places, organizations, ideas, or mixes of these entities Service- any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything Products, Services, and Experiences Product is a key element in the overall market offering (which often includes both tangible goods and services) To differentiate offers beyond simply making products and delivering services, companies are creating and managing customer experiences with their products/company o Companies realize that customers are buying more then just products and services, they’re buying what those offers will do for them Levels of Products and Services Core benefit- “what is the buyer really buying?”- must first define the core, problem- solving benefits/services that consumers seek Actual product- need to develop product and service features, design, a quality level, a brand name, and packaging Augmented product- needs to be developed around the core benefit and actual product by offering additional consumer services and benefits When developing products, markets must 1 st identify the core consumer needs the product will satisfy, then design the actual product, and find ways to augment it in order to create the bundle of benefits that will provide the most satisfying customer experience Product and Service Classification Consumer Products o Consumer product- product bought by final consumer for personal consumption o Convenience product- consumer product that the customer usually buys frequently, immediately, and with a minimum of comparison and buying effort Soap, candy, newspapers, fast food Low-priced and in many locations o Shopping product- consumer good that the customer, in the process of selection and purchase, characteristically compares on such bases as suitability, quality, price, and style Furniture, clothing, used cars, major appliances, hotel/airline services Distributed through fewer outlets but at deeper sales Consumers spend more time and effort gathering info and comparing o Specialty product- consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Specific brands/types of cars, high-priced photo equipment, designer clothes, medical/legal services Buyers normally don’t compare specialty products o Unsought product- consumer product that the consumer either does not know about or knows about but does not normally think of buying Most major new innovations, life insurance, preplanned funeral services Require a lot of advertising, personal selling and other marketing efforts
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/10/2008 for the course MKTG 290 taught by Professor Zeno during the Spring '08 term at Ramapo.

Page1 / 6

mktg chp7 - Marketing An Introduction Chapter 7 Product...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online