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MGM230H5 Study Guide - Final Guide: Marketing Mix, Direct Marketing, Intangibility


Department
Management
Course Code
MGM230H5
Professor
Jas Parhar
Study Guide
Final

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MGM252 Exam Study Guide
Product, Services and Branding Strategies
Learning Goals
1. Define product and the major classifications of products and services
2. Describe the decisions companies make regarding their individual products and
services, product lines, and product mixes
3. Discuss branding strategy-the decisions companies make in building and
managing their brands
4. Identify the four characteristics that affect the marketing of a service and the
additional marketing considerations that services require
What is a Product
A product is anything that can be offered to a market for attention, acquisition,
use, or consumption that might satisfy a need or want.
a service is similar but intangible and does not result in ownership of anything
How to Think About Products
4 Types of Consumer Products
1. convenience
frequently bought, widespread distribution and low prices
2. shopping
less frequent, more comparison effort, higher pricing, selective distribution
3. speciality
strong brand preference, loyalty, special purchase effort, little
comparisons, higher price, exclusive distribution
4. unsought
little product awareness and knowledge, price/ distribution varies
ex. Funeral services/ insurance

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3 Types of Business Products
1. Materials and parts: raw materials and components; sold directly to
manufacturers
2. Capital items: facilities, equipment, installations, and accessories, used in the
buyer’s operations
3. Supplies and services: operating supplies, repair and maintenance items, and
business services
Individual Product and Service Decisions
What is a Brand
A brand is a name, term, sign, symbol, special design, or some combination of
these, intended to identify the goods or services of a seller, and to differentiate
them from its competition
Building Strong Strategy- Brand Development
Line extensions
Minor changes to existing products
Brand extensions
Successful brand names help introduce new products
Multibrands
Multiple product entries in a product category
New brands
New product category
Brand Development Matrix Box

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Characteristics of Services
A service is any activity or benefit that one party can offer to another that is
essentially intangible and does not result in the ownership of anything
Internal and Interactive Marketing
Internal marketing: marketing by a service firm to train and motivate customer
contract employees to provide customer satisfaction
Interactive marketing: marketing by a service firm that recognizes that
perceived service quality depends on the quality of the buyer-seller interaction
New Product Development and Life- Cycle Strategies
Figure 10.2 Stages of the PLC
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