Chapter 9 Textbook Summary.docx

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Management and Organizational Studies
Management and Organizational Studies 2320A/B
Kevin Thompson

Chapter 9 Textbook SummaryProducts Services and Brands Product anything that can be offered to a market for attention acquisition use or consumption that might satisfy a want or need o Also include services events persons places organizations ideas or mixes of theseServices form of product that consists of activities benefits or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anythingProduct is a key element in the overall market offeringMarketingmix planning begins with building an offering that brings value to target customers o This offering becomes the basis upon which the company builds profitable customer relationships o The offer may consist of a pure tangible good or a pure service o They are creating and managing customer experiences with their brands or companyThree levels of product and serviceso Core customer value what is the buyer really buying o Actual product features design quality level brand name packaging o Augmented product additional consumer services and benefitsMarketers must first identify the core customer value that consumers seek from the product they must design the actual product and find ways to augment it to create the value and the most satisfying customer experienceProduct and service classifications o Consumer Products products and services bought by final consumers for personal consumptionConvenience products consumer products and services that customers usually buy frequently immediately and with a minimum of comparison and buying effortShopping products less frequently purchased consumer products and services that consumers compare carefully on suitability quality price and style furnitureSpecialty products consumer products and services with unique characteristics or brand identification for which a significant group of buyers is wiling to make a special purchase effort specific car brandsUnsought products consumer products that the consumer either does not know about or knows about but does not normally think of buying o Business Products those purchased for further processing or for use in conducting a businessMaterials and parts raw materials manufactured materials and parts
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