Management and Organizational Studies 2320A/B Chapter 9: Chapter 9 Textbook Summary.docx

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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: also include services, events, persons, places, organizations, ideas, or mixes of these. Services: 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 anything. Product is a key element in the overall market offering. Three levels of product and services: core customer value: what is the buyer really buying, actual product: features, design, quality level, brand name, packaging, augmented product: additional consumer services and benefits. Marketers 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 experience. Product and service classifications: consumer products: products and services bought by final consumers for personal consumption.

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