MKT 3305 Lecture Notes - Lecture 8: Long Steel Products, Final Good, Marketing Strategy

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27 Oct 2020
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A product represents all that a customer receives in an exchange. Marketers distinguish among three distinct layers" of the product : core product, actual product, augmented product. When marketers develop strategies, they need to consider how to satisfy customers" wants and needs at each of these three layers, that is, how they can create value. Products differ from one another in several ways and it is common for marketers to attempt to classify products in categories, especially when buyers feel differently or behave differently towards products of different categories. Marketers must understand how consumer needs for augmented products as well as information differ for durable and nondurable goods. Marketers also classify products based on where and how consumers buy the product: similar to how consumer decisions differ in terms of effort they put into, habitual decision making v limited problem solving v extended problem solving.

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