MGM102H5 Lecture 13: CHAPTER 9 PRODUCTS
Document Summary
Core customer value defines the basic problem-solving benefits that consumers are seeking. Marketers convert core customer value into an actual product. Attributes such as the brand name, features/design, quality level, and packaging are considered, though the importance of these attributes varies depending on the product. The associated services also referred to as the augmented product, include the nonphysical aspects of the product, such as product warranties, financing, product support, and after-sale service. When developing or changing a product, marketers start with the core customer value to determine what their potential customers are seeking. Then they make the actual physical product and add associated services to round out the offering. Marketers consider the types of products they are designing and selling cuz that impacts how they promote, price, and distribute their products. There are 2 categories of products and services based on who is buying them: consumers or businesses.
