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Marketing Exam Study!

  • A statement that summarizes company or brand positioning – it takes this form: to (target segment and need) our (brand) is (concept) that (point-of-difference).

Goods, Services, and Experiences

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    A product is a key element in the marketing offering; it’s one of the 4 Ps of the marketing mix

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    Company’s marketing offer often includes both tangible good and services

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    Goods and services are tangible and intangible, experiences are memorable

Levels of Goods and Services

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    Product planners need to think about goods and services on three levels (Fig 8.1)

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    Core product or benefit

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    Actual product

    • o

      Packaging, features, design, quality level, brand name

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    Augmented product

      • o

        Warranty, delivery, credit, installation, service

Goods and services classifications

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    Goods and services fall into two broad classes based on the types of consumers that use them

    • o

      Consumer Products

      • Convenience: frequent, immediate purchases, low involvement

        • Toilet paper, soap

      • Shopping: less frequent purchases, careful comparison between products

        • Clothes, hotels, cars (regular)

      • Specialty: unique characteristics or brand, buyers put forth special effort to purchase

        • Designer clothes, legal services, real-estate, luxury cars

      • Unsought: not usually purchased, or known about

        • New innovations, blood donations

      • o

        Industrial Products

        • Product bought by individuals and organizations for further processing or for use in conducting a business

        • Difference between consumer and industrial is the purpose for which the product is bought

        • Ex) if a lawnmower is bought for a home, it’s a consumer product, if it’s bought for a landscaping business, it’s an industrial product

        • There are 3 groups

        • Materials and parts

          • o

            Include raw materials and manufactured materials and parts

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              Price and service are the major marketing factors in purchase, usually not advertising

        • Capital items

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              Industrial products that aid in the buyer’s production or operations, including installations and accessory equipment

        • Installations

            • o

              consist of major purchases such as buildings, and fixed equipment

        • Supplies and services

            • o

              Include operating supplies (lubricants, coal, paper, pencils) and repair and maintenance items (paint, nails, brooms) 20

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