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Chapter 9

Chapter 9 Marketing.docx

6 Pages
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Department
Management (MGM)
Course Code
MGMA01H3
Professor
Angela Xu

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Description
Chapter 9Products Services and Brands page 276302 Learning Objectives 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 require What is a ProductProductanything that can be offered to a market for attention acquisition use or consumption that might satisfy a want or need Serviceany activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything Products Services and ExperiencesA market offering is a product that brings value to target customers and becomes the basis upon which the company builds profitable customer relationshipsOften includes both tangible goods and services but at the extremes o Pure tangible goodsuch as soap toothpaste or salt o Pure servicesconsists primarily of a service eg doctor exam financial advice Levels of Product and ServicesProduct planners need to think about products and services on three levels core customer value actual product and an augmented product o Core customer value Address the question What is the buyer really buying ie Blackberry smartphone sells more than a cellphone it sells freedom and onthego connectivity o Actual product product planners turn the core benefit into actual product ie developing the name parts styling features and packaging o Augmented Product offering additional consumer services and benefits around the core benefit and actual product ie warranty delivery installationWhen developing products marketers first must identify the core customer value that consumers seek from the product they must then design the actual product and find
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