MKTG 2030 Study Guide - Final Guide: Brand Equity, Total Quality Management, Diffusion Of Innovations
Document Summary
Value proposition: benefit consumer will receive when buying product. Products are viewed as a bundle of attributes. Objective ii: explain the layers of a product. Actual product: features, package, brand, quality, appearance. Augmented product: warranty, repair/maintenance service after sale, installation, customer support services, delivery, credit, product-use instruction. Product life: durable goods: provide benefits over a period of months/years/decades. High involvement: nondurable goods: are consumed in short term. Low priced, widely available, purchased frequently with minimum of comparison/effort. Three types: staples, impulse products, emergency products: shopping products. Are purchased with considerable time/effort: specialty products. Have unique characteristics important to buyers at almost any price: unsought products. Are those in which consumers have little interest/awareness until a need arises. Products used by org in daily operations: maintenance, repair, and operating (mro) Goods that business consume in short time: raw materials. Products gathered to work on to make finished products: processed materials and special services.
