MGMA01H3 Chapter 9: Chapter 9 Notes

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1 Apr 2011
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Product anything that can be offered to a market for attention, acquisition use, or consumption that might satisfy a want or need. Example: services, events, persons, places, organizations, ideas, or mixes. Services any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Example: banking, hotel, airline, retail, wireless communication, and home-repair services. Product = key element on the overall market offering. To differentiate their offers beyond simply making products and delivering services, they are creating and managing customers experiences with their brands or company. Product planners need to think about products and services on three levels, each add more customers value. Core customer value marketers must first define the core, problem-solving benefits or services that consumers seek. Actual product product planners turn the core benefit into an actual product. Develop product and service features, a design, a quality level, a brand name, and packaging.

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