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Physical Objects Services Events Persons

Physical Objects Services Events Persons. Places Organizations Ideas Combinations of the above. What is a Product? A PRODUCT is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need. Includes:. What is a Service?.

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Physical Objects Services Events Persons

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  1. Physical Objects Services Events Persons Places Organizations Ideas Combinations of the above What is a Product?A PRODUCT is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need.Includes:

  2. What is a Service? • A SERVICE is a form of product that consist of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything. • Examples include: • Banking • Hotels • Tax preparation • Home repair services

  3. Products, Services, and Experiences Service With Accompanying Minor Goods Tangible Good With Accompanying Services Pure Tangible Good Hybrid Offer Pure Service Auto With Accompanying Repair Services Airline Trip With Accompanying Snacks Soap Restaurant Doctor’s Exam The Product-Service Continuum

  4. Levels of Product

  5. Individual Product Decisions (Fig. 8-2)

  6. Advantages Buyers: Identification Quality and value Sellers Tells a story Provides legal protection Helps segments markets Brand Equity Higher brand loyalty Name awareness Perceived quality Strong brand associations Patents, trademarks, channel relationships Branding

  7. Brands and Brand Symbols • Powerful brands such as these have brand equity: • Coca-Cola brand - $69 billion • IBM brand - $53 billion • Offers defense against fierce price competition.

  8. Packaging • Designing and producing the container or wrapper for a product. • Elements must support product’s position and marketing strategy.

  9. Labeling • Printed information appearing on or with the package. • Identifies product or brand • Describes several things about the product • Promotes the product through attractive graphics

  10. Product Support Services Companies use product support services as a major tool in gaining competitive advantage. How? Step 1. Survey customers. Step 2. Assess costs. Step 3. Develop a package of services to delight customers and yield profits.

  11. Stretching Lengthen beyond current range Filling Lengthen within current range Downward Both Directions Upward Product Line Decisions Product Line Length Number of Items in the Product Line

  12. Product Mix Decisions Procter & Gamble's Product Mix Baby Care Beauty Care Fabric & Home Food & Health Care Care Beverage • Width – number of different product lines • Length – total number of items the company carries within product lines • Depth – number of versions offered of each product in line Six Toothpastes in Line Crest Multicare Crest Cavity Protection Crest Tartar Protection

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