ICORE M370 Notes
M370 Final Exam Review
Chapter 7: Products, Services, and Brands: Building Customer Value
Introduce the concept of consumer value creation thru Marketing Mix manipulation
Develop your understanding of brands and look at how brands affect The Mix and Products
Classify different types of market offerings
Product: anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need; a “product” is a market offering utilizing all the elements of The Mix to create customer value
Service: any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything
Consumer product: product bought by final consumer for personal consumption
Convenience product: consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort (low price)
Shopping product: consumer good that the customers, in the process of selection and purchase, characteristically compare on such bases as suitability, quality, price and style (higher price)
Specialty Product: consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort (high price)
Unsought product: consumer product that the consumer either does not know about or knows about but does not normally think of buying (varying prices)
Industrial product: product bought by individuals and organizations for further processing or for use in conducting a business (3 groups) materials and parts: include raw materials and manufactured materials and parts; price and service are the major marketing factors; branding and advertising less important capital items: industrial products that aid in the buyer’s production or operations, including installations and accessory equipment supplies and services: supplies are the convenience products of the industrial field
Organization
Chapter 7: Products, Services, and Brands: Building Customer Value
Introduce the concept of consumer value creation thru Marketing Mix manipulation
Develop your understanding of brands and look at how brands affect The Mix and Products
Classify different types of market offerings
Product: anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need; a “product” is a market offering utilizing all the elements of The Mix to create customer value
Service: any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything
Consumer product: product bought by final consumer for personal consumption
Convenience product: consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort (low price)
Shopping product: consumer good that the customers, in the process of selection and purchase, characteristically compare on such bases as suitability, quality, price and style (higher price)
Specialty Product: consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort (high price)
Unsought product: consumer product that the consumer either does not know about or knows about but does not normally think of buying (varying prices)
Industrial product: product bought by individuals and organizations for further processing or for use in conducting a business (3 groups) materials and parts: include raw materials and manufactured materials and parts; price and service are the major marketing factors; branding and advertising less important capital items: industrial products that aid in the buyer’s production or operations, including installations and accessory equipment supplies and services: supplies are the convenience products of the industrial field
Organization