BUS 343 Lecture Notes - Three Steps, Business Analysis, Observability
23 Oct 2012
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Chapter 7- create the product: articulate the value proposition: The value proposition is the consumer"s perception of the benefits they will receive if they buy a good or service. Marketers tasks: 1-creates a better value than what"s out there already 2- convince customers that this is true. Good: a tangible product that we can see touch, smell, hear or taste. Product is as a bundle of attributes: include features, functions, benefits, and uses of a product. Marketers view products as a bundle of attributes that includes the packaging, brand name, benefits, and supporting features in addition to a physical good. Three distinct layers of the product( see figure 7. 1 pg. 223: the core product: all the benefits the product will provide for consumers or business customers. Marketers classify products into categories, bcuz they represent differences in how consumers and business customers fell about products and how the purchase different products.
