Textbook Notes (368,432)
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MCS 1000 (215)
Chapter 8

Chapter 8 Introductory Marketing Notes

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Marketing and Consumer Studies
MCS 1000
Douglas Adlam

Chapter 8 MarketingProductBrand StrategyWhat is a product Product Anything that can be offered to a market for attention acquisition use or consumption that might satisfy a want or needService Any activity or benefit that one party can offer to another that is essentially intangibledoesnt result in the ownership of anythingGoods servicesExperiences A companys market offering often include both tangibleintangible goodsservices Companies that market experience realize that customers are really buying much more than just goodsservices they are buying what those offers will do for themOrganizations Places PeopleIdeas People organization eg girl guides place countriescitiesideas can all be marketed like products Organizations also carry out marketing activities to create maintain or change the attitudesbehaviour of consumers towards an organizationProduct Levels First levelcore benefit basic need the product satisfiesnd2 Level core benefit becomes actual product with features designa quality level a brand namepackagingAugmented Product the actual product plus all the benefitsservices that may come w it such as delivery warranty product support etcProduct Classifications All products fall into 2 broad categories consumer productsindustrial productsConsumer Products products that are purchased by individuals for personal use or consumptionConvenience Products goodsservices that the customer buys frequently immediatelywithin a minimum of comparisonbuying effortEg Soap candy newspaper etcShopping Products less frequently purchases consumer goodsservices that people compare carefully on su
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