MKT 101 Lecture Notes - Lecture 12: Generic Brand, Life Insurance, Duracell

• School: Hofstra University
• Department: Marketing (MKT)
• Course: MKT 101
• Professor: Hamby

Document Summary

Chapter 11 basic concepts in product planning. Product planning: devising and managing products that satisfy. Products: bundle of attributes (features, functions, benefits, uses) Usually a mix of tangible and intangible aspects. Product planning: decisions about development/management of a fi(cid:396)(cid:373)(cid:859)s p(cid:396)odu(cid:272)ts/services such as product design. Generic product aspects core benefit, basic value you get out of the product. (note: different from what we think of i(cid:374) te(cid:396)(cid:373)s of (cid:862)ge(cid:374)e(cid:396)i(cid:272) (cid:271)(cid:396)a(cid:374)di(cid:374)g(cid:863)) Generic product aspects: what product means to the customer, not the seller. Tangible product: basic physical entity, service, or idea. Precise specifications, given description or model number. Denotes features like color, style, size, weight, durability, quality, and price. Augmented product: clusters of image and service features. E. g. return policy, brand image and status, warranty, etc. Image, status, prestige, and value-added qualities are conveyed. It(cid:859)s o(cid:374)e of the (cid:449)ays (cid:272)o(cid:373)pa(cid:374)ies (cid:272)a(cid:374) disti(cid:374)guish the(cid:373)sel(cid:448)es, espe(cid:272)ially (cid:449)he(cid:374) they ha(cid:448)e competitors that do exactly the same thing.