Building Customer Value

5 Pages

Management and Organizational Studies
Course Code
Management and Organizational Studies 2320A/B
Angela White

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Building Customer Value 2182012 61200 PM What is a Product y Productanything that can be offered to a market for attentions acquisition use or consumption that might satisfy a want or need o Includes services events persons and places y Servicesa form of product that consists of activities benefits or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything o Banking hotel airline and retail y Experiences o Product is a key element in the overall market offering o A companys market offering includes both tangible goods and services o Companies that market experiences realize that customers are really buying much more than just products and servicesLevels of Products and Services y Core customer value y Product planners must turn the core benefit into an actual product y Product planners must build an augmented product around the core benefit and actual product by offering additional consumer services and benefitsProduct and Service Classifications y Consumer productsbought by final consumers for personal consumption o Convenience productsfrequently bought magazines toothpaste o Shopping productsthe customer compares on such bases as suitability quality and style appliances tvs o Unsought productsthe consumer does not know about or normally thinks of buying life insurance blood donations y Business productsbought by individuals and organizations for further processing or for use in conducting a business o Materials and partsraw materials and manufactured materials and parts
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