The document discusses product and service classification and branding strategies. It defines products and services, and describes three levels of a product: the core benefit, actual product, and augmented product. It also discusses types of consumer products, industrial products, and organizational marketing. Branding strategy involves decisions around individual products, product lines, product mixes, branding, packaging, labeling, and product support services.
Product, Services, and Brands - Building Customer Value - MarketingFaHaD .H. NooR
What Is a Product?
Product and Services Decisions
Branding Strategy: Building Strong Brands
Services Marketing
A Product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want
Experiences represent what buying the product or service will do for the customer
Marketing mix is one of the major concepts in modern marketing. It is the combination of various elements which constitutes the company’s marketing system. It is set of controllable marketing variables that the firm blends to produce the response it wants in the target market.
Product, Services, and Brands - Building Customer Value - MarketingFaHaD .H. NooR
What Is a Product?
Product and Services Decisions
Branding Strategy: Building Strong Brands
Services Marketing
A Product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want
Experiences represent what buying the product or service will do for the customer
Marketing mix is one of the major concepts in modern marketing. It is the combination of various elements which constitutes the company’s marketing system. It is set of controllable marketing variables that the firm blends to produce the response it wants in the target market.
Maanagement of Marketing UNIT-3 &4 product.pptetebarkhmichale
The law of attraction is the most powerful force in the universe. If you work against it, it can only bring you pain and misery. Successful people know this but have kept it hidden from the lower class for centuries because they did not want to share their wealth. The universal law of attraction is simple. We attract whatever we choose to give our attention to. If we focus on bad things, we will attract more bad things. But the minute you stop focusing on bad and focus on good, you change the pattern and now good things start coming your way.
If we knew the law of attraction and applied it in our lives daily, we would have so much power and control that it would be scary. We could have what we wanted, and when we wanted it. We would have total control of our lives. If you think of yourself as a powerful attractor, you will attract more of what you want in your life, simply by thinking about it, then acting on it. But there is one ingredient you cannot leave out or the law of attraction won't work.
When we think of an object in our mind, we then send that image to our hearts and act on it with emotion. A formula makes this easy to follow: TFAR (Thoughts, Feelings, Actions, and Results) When we take necessary action, the universe shows up and gives us the results we wanted.
The law of attraction works by performing three steps. And these steps must be done for the process to work. These steps are:
1. Getting clear. You must know what it is you want or else you won’t get it. The universe won’t know what you are asking for, so how can it deliver?
2. Vibrate to the level of energy corresponding to what you want. If you want something and you think about it, feel it, and act on it, you must keep that level of energy going until you achieve the results you are after.
3. Attract what you want like a magnet. If you focus on what you want but don’t allow it to come into your life, it won’t. You have to be willing to accept it and acknowledge it. Then when you act, it will occur.
Whatever you do during the course of a day, whatever thoughts you think about, you are attracting. If you use it every day, regularly, and practice it this way, you will eventually find that it becomes a habit that you will subconsciously practice.
You may not believe it, but the steps you need to take are easy. But you must do them, believe in them, and believe in yourself, or they will not work. Are you ready to get tuned into the universe and get clear? Can you work in harmony with the laws of the universe and become successful?
If so here are the steps you need to follow:
1. Get clear. You must know exactly what it is you want. If you are in doubt, vague, or too general, you won’t get anywhere. You must know exactly what it is you want first. Only then will you be able to focus and concentrate on that thought?
2. Visualize what you want and vibrate to it. You must form a mental image in your mind so you can see it as if you had it in your possession. For women, you can do the
Objective 1: Classification of products and services
Source: “Pay now, die later: Consumers urged not to delay that final decision,” Marketing News ; Chicago; Oct 24, 1994; by Shermach , Kelly ; Volume: 28 Issue: 22 Start Page: 1
Source: “Pay now, die later: Consumers urged not to delay that final decision,” Marketing News ; Chicago; Oct 24, 1994; by Shermach , Kelly ; Volume: 28 Issue: 22 Start Page: 1
Objective 1: Classification of Products Industrial products also include business services, such as landscaping, technology, food services, or custodial.
Objective 1 : Classification of Products and Services In addition to tangible products and services, in recent years marketers have broadened the concept of a product to include other market offerings—organizations, persons, places, and ideas. Organizations often carry out activities to "sell" the organization itself People can also be thought of as products Today's presidents market themselves Place marketing involves activities undertaken to create, maintain, or change attitudes or behavior toward particular places. Ideas can also be marketed
Marketers make product and service decisions at three levels: Individual product decisions Product line decisions Product mix decisions
Objective 2 : Company decisions regarding their individual products and services Product Quality is one of the marketer's major positioning tools Siemans defines quality this way: "Quality is when our customers come back and our products don't." Total quality management (TQM) is an approach in which all the company's people are involved in constantly improving the quality of products, services, and business processes See Active Figure 9.2
Objective 3: Branding Strategy
Objective 3: Branding Strategy Primary function of the package was to contain and protect the product If you can’t make the product better – improve the packaging Labeling The Federal Trade Commission Act of 1914 held that false, misleading, or deceptive labels or packages constitute unfair competition. Can’t promise everything
For example, Nike produces several lines of athletic shoes BMW wants to move customers up from it's 3-series models to 5- and 7-series models
Objective 4: 4 characteristics that affect the marketing of a service For example, the beauty line breaks down into makeup, skin care, bath and beauty, fragrance, and outdoor protection products Width: Procter & Gamble markets a fairly wide product mix consisting of 250 brands organized into many product lines.