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MGM252 Exam Notes Exam notes for MGM252 which covers the key concepts. Includes important diagrams.

12 Pages

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Jas Parhar

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MGM252 Exam Study Guide Product Services and Branding StrategiesLearning 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 strategythe 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 requireWhat is a ProductA product is anything that can be offered to a market for attention acquisition use or consumption that might satisfy a need or wanta service is similar but intangible and does not result in ownership of anythingHow to Think About Products4 Types of Consumer Products 1 conveniencefrequently bought widespread distribution and low prices 2 shoppingless frequent more comparison effort higher pricing selective distribution 3 specialitystrong brand preference loyalty special purchase effort little comparisons higher price exclusive distribution 4 unsoughtlittle product awareness and knowledge price distribution variesex Funeral services insurance3 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 buyers operations 3 Supplies and services operating supplies repair and maintenance items and business servicesIndividual Product and Service DecisionsWhat is a BrandA 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 competitionBuilding Strong Strategy Brand DevelopmentLine extensionsMinor changes to existing productsBrand extensionsSuccessful brand names help introduce new productsMultibrands Multiple product entries in a product categoryNew brandsNew product category Brand Development Matrix Box
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