Products, Services, and Brands

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Department
Management (MGM)
Course
MGMA01H3
Professor
Alison Jing Xu
Semester
Fall

Description
Product, Services, and Brands  Product: anything that can be offered to satisfy a consumer’s want  Service: an intangible product  Types of Products: - ConvenienceSnack food, milk, newspaper - Shopping Cars, furniture, clothes - Specialty Luxury products, designer clothes - Unsought life insurance, preplanned funeral services, new innovations  Levels of product and services - Core benefits - Actual product: brand name, quality level, packaging, design, features - Augmented product: delivery and credit, installation, warranty, after-sale service  Product line: a broad group of products, intended for similar uses and having similar characteristics  Ex. Panasonic: TV, DVD player, telephones, audio equipment  Products in the same product line: - Similar function - Same customer group - Same market outlet - Close price range  Product line length: the number of items in the product line - Line Stretching: adding products that lengthen a product line beyond its current range - EX. ToyotaLexus; NissanInfinity; HondaAcura  Line filling: adding more items within present range - Adding more brands and products  Brand: a name, term, sign, symbol, or design that identifies the products/services of sellers abd
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