MKTG1021 Lecture Notes - Lecture 14: Brand Awareness, Pantene, Yogurt
Session 14 - Product Management
1. What is a product?
a. Bundle of physical, service and symbolic attributes designed to satisfy a
consumer’s wants and needs
b. More than just products → product offering
i. A product, service, activity, idea or experience offered by an organization
to consumers
c. 3 components:
i. Core customer value: problem-solving benefits that customers seek
ii. Actual product: physical product/service - brand name, packaging, etc.
iii. Associated services: any supplementary services that come w/ product -
free repairs on bicycle
2. Classification of consumer products
a. Convenience products - habitual/routine decision making
i. Products a consumer needs but is not willing to spend much time or effort
shopping for
1. Staple products: bought often, routinely and without much thought
(milk, gas)
2. Impulse products: bought without preplanning b/c strongly felt
need (candy)
3. Emergency products: situation arises requiring immediate
possession (umbrella)
b. Shopping products - limited
i. Products that a consumer feels are worth the time and effort to compare
with competing products
1. Less frequently purchased and higher priced convenience
products
2. Normally have brand wants but can have substitutes
c. Speciality products - extensive decision making
i. Products that consumers really want and make a special effort to find. No
reasonable substitute exists in the consumer’s perception
1. Consumers usually seek a particular brand
2. Products are characterized by smaller distribution and strong
brands
3. e.g., designer clothing, artists’ work
d. Unsought products - requires a lot of advertising, promotion, wide distribution
i. Products unknown to buyers, or known products that buyers don’t
attractively seek
1. New products: new products that potential customers don’t know
about yet → handwarmers
2. Regularly unsought products: consumers know of the products but
don’t actively seek and don’t want to buy → gravestone
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Session 14 - product management: what is a product, bundle of physical, service and symbolic attributes designed to satisfy a consumer"s wants and needs, more than just (cid:3247)products(cid:3248) product offering. A product, service, activity, idea or experience offered by an organization to consumers: 3 components, core customer value: problem-solving benefits that customers seek. Actual product: physical product/service - brand name, packaging, etc. Associated services: any supplementary services that come w/ product - free repairs on bicycle: classification of consumer products, convenience products - habitual/routine decision making. Products that a consumer feels are worth the time and effort to compare with competing products: less frequently purchased and higher priced convenience products, normally have brand wants but can have substitutes, speciality products - extensive decision making. Products that consumers really want and make a special effort to find. True religion brand jeans now are a lifestyle brand with apparel, belts, swimwear: decrease: competitive advantages.
