MGT252H5 Lecture Notes - Lecture 7: Brand Loyalty, Rolex, Total Quality Management
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Product anything that can be ofered to a market for attention, acquisition, use, or consumption that might satisfy a need or want. Service is a form of product that that consists of activities, beneits, or satisfactions ofered for ale that are essentially intangible and do not result in the ownership of anything. Convenience frequent purchases bought with minimal buying efort and little comparison-shopping (i. e. milk, soap, etc. ) Marketing = low price, widespread distribution, readily available. Shopping less frequent purchases: more comparison efort (i. e. cars, furniture, clothes, etc. ) Marketing = higher than convenience price, selective distribution, personal selling and advertising. Specialty strong brand preference and loyalty, requires special purchase efort, little brand comparison and low price sensitivity (i. e. luxury cars, designer clothes, rolex, etc. ) Marketing = high price, exclusive distribution, carefully targeted promotions. Unsought little product awareness and knowledge (sometimes negative interest) (i. e. life insurance, preplanned funeral services, etc. )
