MGMA01H3 Chapter Notes - Chapter 9: Intangibility, Joe Fresh, Total Quality Management
Document Summary
Product: anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. Service: activity, benefit or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything. Products are key element in market offering. Pure tangible good product without any services, ex. Differentiate offers by creating and managing customer experiences. Core customer value is level of product that defines problem-solving benefit. Actual product is level of product that customer will receive to use. Augmented product is level of product that provides additional benefit to customer. Products and services fall into two broad classes. Consumer product: product or service bought by final consumers for personal consumption. Convenience product: consumer product or service that customers buy frequently, immediately and with minimal comparison and buying effort: candy, soap or fast food and is usually low priced and widely available.
