MKT 300 Lecture 7: MKT 300 Chapter 7 Notes

Marketing 300 Chapter 7 Notes First Stop: The ESPN Brand • ESPN is a brand experience synonymous with sports entertainment • ESPN has a variety of entities tied together under its brand ➢ Television, radio, online, publishing, and event management • Reason for success – customer-focused ➢ Provide the most seamless, high-quality experience Product • Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need • Services: activities, benefits, or satisfactions offered for sale ➢ Intangible and do not result in ownership of anything Products, Services, and Experiences • Market offerings include both intangible goods and services • Companies create and manage customer experiences with their brands or companies ➢ To differentiate their offers from that of the competitors Product and Service Classifications • Consumer products: bought by final consumers for personal consumption • Industrial products: bought by individuals and organizations for further processing or for use in conducting a business ➢ Materials and parts, capital items, and suppliers and services Other Marketable Entities • Organization marketing • Person marketing • Place marketing • Social marketing Product and Service Decisions • Individual product decisions • Product line decisions • Product mix Individual Product Decisions • Product attributes • Branding • Packaging • Labeling • Product support services Product Line Decisions • Product line: closely related products that: ➢ Have similar functions and customer groups ➢ Are sold through similar outlets or fall within given price ranges • Product line length – number of items in the product line ➢ Product line filling ➢ Product line stretching Product Mix (or Product Portfolio) • Set of all product lines and items that particular seller offers for sale Product Mix Decisions • Width ➢ Number of different product lines the company carries • Length ➢ Total number of items a company carries within its product lines • Depth ➢ Number of versions offered for each product in the line • Consistency ➢ Relativity of the various product lines in end use, production requirements, distribution channels, or some other aspect Four Service Characteristics • Intangibility ➢ Services cannot be seen, tasted, felt, heard or smelled before purchase • Inseparability ➢ Services cannot be separated from their providers • Variability ➢ Quality of services depends on who provides them and when, where, and how • Perishability ➢ Services cannot be stored for later sale or use Service Profit Chain • Links service firm profits with empl