Product definition: Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. | PRODUCT Week 8 Agenda Product Product decisions Brand strategy Product Product definition Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need Include: Physical objects, services, persons, places, organisations and ideas Product Services Product that consist of activities, benefits or satisfactions that are offered for sale that are essentially intangible and do not result in the ownership of anything. Product Experiences Companies that market experiences realise that Customers are really buying much more than just products and services. They are buying what those offers will do for them Creating and managing customer experiences with their products or services Product Level of product Product Core product – the core problem-solving services or benefits that consumers are really buying when they obtain a product Core product -> core benefit “buyers do not buy quarter-inch drills, they buy quarter-inch holes” Product | PRODUCT Week 8 Agenda Product Product decisions Brand strategy Product Product definition Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need Include: Physical objects, services, persons, places, organisations and ideas Product Services Product that consist of activities, benefits or satisfactions that are offered for sale that are essentially intangible and do not result in the ownership of anything. Product Experiences Companies that market experiences realise that Customers are really buying much more than just products and services. They are buying what those offers will do for them Creating and managing customer experiences with their products or services Product Level of product Product Core product – the core problem-solving services or benefits that consumers are really buying when they obtain a product Core product -> core benefit “buyers do not buy quarter-inch drills, they buy quarter-inch holes” Product Actual product – a product’s parts, quality level, features, design, brand name, packaging and other distributes that combine to deliver core product benefits 5 characteristics: quality level, product and service features, styling, brand name, packaging Product Augmented product – additional consumer services and benefits built around the core and actual products 4 characteristics Installation After sale services Warranty Delivery and credit Product Product classifications Non-durable product vs Durable product Consumer products vs Industrial products Product Consumer products – bought by final consumers for personal consumption Classifications - Consumer shopping habits Convenience products Shopping products Specialty products Unsought products Product Industrial product Material and parts Capital items Supplies and services Product decisions Product attributes Product quality Product features Product style and design Branding Packaging Labeling Product-support services Product .
