MKTG 300 Chapter 8: Products, Services, and Brands Notes
Document Summary
Product anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need -- key element in market offering. Services activity, benefit, or satisfaction offered for sale that is essentially intangible & doesn"t result in ownership of anything. When designing products, marketers must 1st define the core, problem-solving benefits or services that consumers seek & companies want to create customer experiences to add to value of offering. 2nd level: turn core benefit into an actual product (brand name, features, design, packaging, quality) 3rd level: build an augmented product around core benefit and actual product by offering additional services and benefits (delivery and credit, product support, warranty, and after-sale service) Consumer products product bought by final consumer for personal consumption. Convenience products bought frequently, immediately, w/ minimal comparison or buying effort. Shopping products compares attributes like suitability, quality, price, and style.