Textbook Notes (368,408)
Canada (161,869)
MGMA01H3 (184)
Chapter 9

Chapter 9 Notes

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Management (MGM)
Tarun Dewan

Chapter 9: 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 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 Products, Services, and Experiences 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 Levels of Product and Services 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 Augmented product product planners must build an augmented product around the core benefit and actual product by offering additional consumer services and benefits Products as complex bundles of benefits that satisfy their needs Develop products 1. first identify customer value that consumers seek form the product 2. design the actual product 3. find ways to augment it to create this customer value and the most satisfying customer experience www.notesolution.comProduct and Service Classification 2 broad classes consumer products and industrial products Products also included other marketable entities such as experience organizations, persons, places, and ideas Consumer Products Consumer products a product bought by final consumers for personal consumption classify them based on how consumers buy them Example: convenience products, shopping products, specialty products, and unsought products Convenience products a consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort Example: laundry detergent, candy, magazines, and fast food usually low priced and in many locations to make them readily available Shopping products a consumer product that the customer, in the process of selection and purchase, usually compares on such bases as suitability, quality, price and style consumers spend more time and effort gathering information and comparisons usually distribute through fewer outlets but provide deeper sales support to help customers in their comparison efforts Example: furniture, clothing, used cars, major appliances, and hotel and airline services Specialty products a consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort Example: specific brands of cars, high-priced photographic equipment, designer clothes, and the services of financial or legal specialists Unsought products a consumer product that the consumer either does not know about or knows about but does not normally think of buying major new innovations are unsought until consumers aware of them through advertising www.notesolution.com
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