Business Administration 3301K Chapter Notes - Chapter 9: Total Chalaco, Walmart, Breakfast Cereal

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Core customer value: defines the basic problem-solving benefits that consumers are seeking. Marketers convert core customer value into an actual product. Brand name, features, design, quality, and packaging are all considered. Associated services (augmented product): nonphysical attributes of the product, including warranties, financing, product support, and after-sale services. Types of products: consumer products: products and services used by people for their personal use. Marketers further classify these products by the way they are used and purchased. Specialty products/services: customers show a strong preference that they will expend considerable effort to find the best suppliers. Shopping products/services: consumers will spend a fair amount of time comparing alternatives. Example: footwear (people will try shoes on, compare alternatives, and chat with salespeople) Convenience products/services: consumer is not willing to spend any effort to evaluate prior to purchase. These are frequently purchased commodity items, usually purchased with very little thought.

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