MKTG 409 Lecture Notes - Lecture 6: Corn Flakes, Aspirin, Miller Lite
4 Mar 2018
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Products can be goods, services and ideas. Buyers purchase benefits and satisfaction that they think the product will provide. Solve a sudden problem or unanticipated need. Not a part of the final product of the business. Natural materials that become part of the final product. Used in final product but not identifiable. Product line: similar products or set of products that meet a single need. Product mix: serving other needs, several lines. Product mix depth: lots of products in each line. Product life cycle: progression of a product through the stages of its life. Many new products just don"t make it past this point. Inform/teach consumers about the benefits of the new product. Segment intensel segment intensely with product variables. Successful marketing strategies can keep products in this stage. The buyer becomes aware of the product. The buyer seeks information and is receptive to learning about the product.
