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MKT 723 -Exam chapter 1.docx

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Department
Marketing
Course
MKT 723
Professor
Roy Morley
Semester
Winter

Description
Chapter 1: Five levels of meaning for a product Ex. Air conditioner Core benefit level:  ­the fundamental need or want that consumers satisfy by consuming the product/service ex. Cooling and comfort Generic product level:  ­basic version containing attributes/characteristics necessary for its functioning ­no distinguishing features, stripped­down, no frills ex. Sufficient cooling capacity, acceptable energy rating Expected product level:  ­set of attributes/characteristics buyers expect and agree when purchasing a product ex. Consumer reports state that a large air conditioner should have 2 cooling speeds,  expandable side panels, power cord at least 60 inches etc Augmented product level: ­additional product attributes, benefits, or services that distinguish them from competitors ex. Optional features like touch pad controls, display to show indoor/outdoor temperature Potential product level: ­all augmentations and transformations that a product will undergo in the future ex. Silently running, balanced throughout room, energy self­sufficient Why brands matter: Consumers: ­identification ­risk reducer ­reasonability to maker ­signal of quality ­symbolic  Manufactures: ­legally protect unique features ­identification to simplify handling/tracing ­quality to satisfied customers ­competitive advantage ­financial returns Search goods: consumers can evaluate product attributes like size, colour, design etc Ex. Grocery Experience goods: consumers cannot assess product attributes like durability, service  quality, safety etc Ex. Tires Credence: consumers rarely learn product attributes Ex. insurance Functional risk: product does not perform up to expectations Physical risk: product poses threat to physical wellbeing/health Financial risk: product is not worth price paid Social risk: product results in embarrassment from others Psychological risk: product affects mental wellbeing of user Time risk: failure in product results in opportunity cost of finding replacement product Branding challenges: 1. savvy customers ­customers are more experiences, knowledgeable, and demanding ­through consumer reports, websites, blogs etc 2.e
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