Products, Services and Brands Ch 9.docx

7 Pages
Unlock Document

Western University
Management and Organizational Studies
Management and Organizational Studies 2320A/B
Angela White

Products, Services and Brands 2/18/2012 5:12:00 PM Chapter 9 Building Customer Value  Lululemon’s 4 pillars to success: o The design and delivery of innovative athletic apparel o Its culture and training of employees o Cool stores that resonate with both its guests and the community o Strong, authentic community relations What is a Product?  Product – anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need o Includes services, events, persons and places  Services – a 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  Experiences o Product is a key element in the overall market offering o A company’s 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 services Levels of Products and Services  Core customer value  Product planners must turn the core benefit into an actual product  Product planners must build an augmented product around the core benefit and actual product by offering additional consumer services and benefits Product and Service Classifications  Consumer products – bought by final consumers for personal consumption o Convenience products – frequently bought (magazines, toothpaste) o Specialty products – consumer products and services with unique characteristics or brand identification for which a significant groups of buyers is willing to make a special purchase effort (medical services, designer clothes) o Shopping products – the customer compares on such bases as suitability, quality and style (appliances, tv’s) o Unsought products – the consumer does not know about or normally thinks of buying (life insurance, blood donations)  Business (industrial) products – bought by individuals and organizations for further processing or for use in conducting a business o Materials and parts – raw materials and manufactured materials and parts o Capital items – aid in the buyer’s production or operations including installations o Supplies and services – operating supplies, repairs and maintenance  Organizations, person, places and ideas o Organization marketing – consists of activities undertaken to create, maintain or change attitudes and behaviour of target consumers toward an organization o Person marketing – activities undertaken to create, maintain or change attitudes or behaviour toward particular people (Rachel Ray) o Place marketing – Saskatchewan government using money to advertise the province itself o Social Marketing – use of commercial marketing concepts and tools in programs designed to influence individuals’ behaviour to improve their well-being and that of society Product and Service Decisions  Product and service attributes – the benefits that it will offer: o Quality – two dimensions: level and consistency  Quality level – the level of quality that supports the product’s positioning  Total quality management (TQM) – an approach in which all the company’s people are involved in constantly improving the quality of products, services and business processes  Conformance quality – the product's freedom from defects and consistency in delivering a targeted level of performance o Features – a competitive tool for differentiating the company’s product o Style – describes the appearance of the product o Design – contributes to a product’s usefulness as well as its looks  Branding o Brand – a name, term, sign, design that identifies the products or service of one seller of groups of sellers and differentiates them from the competition o Brand equity – the differential effect that the brand name has on customer response to the product and its marketing  Packaging o Involves designing and producing the container or wrapper for a product  Labeling o The label identifies the product or brand o Describes several things about he products  Who made it  Where it was made  When it was made  Product support services Product Line Decisions  Product line – a groups of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketing through the same types of outlets or fall within given price ranges  Product line length – influenced by the company’s objectives and resources o Companies can expand their product lines in two ways:  Line filling  Line stretching Product Mix Decisions  Product mix – consist of all product lines and items that particular seller offers for sale  Four dimensions o Width – refers to the number of different product lines the company carries o Len
More Less

Related notes for Management and Organizational Studies 2320A/B

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.