Marketing

• Product


  A good, service, idea, or experience that satisfies the needs of the target market and is acquired with the exchange of currency or something else of value
• Good


  A product with tangible attributes such that it can be seen, touched, tasted, smelled and/or heard
• Service


  An intangible activity or benefit
• There is increasing emphasis being placed on experiences of the customer associated with the consumption of a product or service</b>
• Experiences


  Less tangible, but can represent a competitive differentiating feature for the product
• Product Decision


  Whether you are marketing a good or service, there are decisions you need to make about the product in order for it to have all the right elements in delivering a point of differentiation
• Features and Characteristics


  • The parts or components of the product, and the qualities that distinguish it from other brands and deliver the intended benefits. It includes designing how the product will look and the quality standard by which it will be produced
• Product Decision

  Product Line and Product Mix
• Product development usually begins with a single product item. When the company creates variations of it that serve a similar purpose, satisfying the same need of the same target market, make it available in the same locations, and sell them within a certain price range, they comprise a product line. Several product lines comprise a company's product mix
• Starbucks Coffee

  • Beverages, food, and merchandise (tumblers, mugs, coffee makers, among others)
• Branding


  The name, symbol (often referred to as a logo), design, or a combination of these that identifies a product and distinguishes it from competitors. The branding elements are used to create recognition and induce recall for your product
• It aids the development of an affinity to the brand because of the familiarity built. When you develop a strong brand identity, customers can make a decision to buy based on the brand alone
• Sometimes, the mere sight of the logo is enough to remind customers to purchase the brand even if they were not thinking of it previously
• Characteristics to create a brand name

  • Suggest benefits and qualities
  • Easy to pronounce, recognize, and remember
  • Distinctive and positive
  • Capable of registration and legal protection
• There are legal restrictions and regulations that prevent marketers from using brand names that may mislead customers in their perception of a product
• Product Decision

  Packaging and Labeling
• Packaging


  The container or wrapper that holds a product, and may include an outer box or other container to protect it from damage or deformity
• The primary consideration for packaging is for it help store the product properly to prevent damage and make it easy to use
• Packaging also serves a security and safety function. Tamper-proof seals assure customers that they are purchasing a product that has not been opened since leaving the manufacturing plant
• Marketers also use packaging as a way of enhancing the brand identity, draw customers to product displays in stores, and reinforce a positive customer experience
• Label


  Provides descriptions or information about the product and can serve several functions. On packaged products, it identifies the brand with the name or logo. It contains information that users may have about the product such as contents, size, ingredients, nutritional values, manufacturer details, and usage instructions
• Product Decision

  Support Services
• After purchasing a product, a customer may need help using it, or may have questions or even complaints. Many companies provide contact information such as hotlines or e-mail addresses where customers can get in touch with a representative of the company for assistance
• Manufacturers of products such as electronics, vehicles, and appliances provide service centers where customers may bring their products in for repair
• These support services enhance the customer experience of the products because they can get the help needed to address concerns that might prevent them from enjoying their purchase or ensuring they last a long time
• Characteristics of Service


  • Intangibility
  • Variability
  • Inseparability
  • Perishability
• Intangibility


  Services cannot be touched or seen before they are performed
• Variability


  People perform the services and the person rendering a service in an establishment may be different from one visit to another. As a result, the quality may vary from one person to the next even if they are similarly trained
• Inseparability


  A service cannot be separated or distinguish from the service provider
• Perishability


  Services cannot be kept for future use or resold to other buyers. It is consumed at the time it is rendered, unlike goods that you can keep in storage
• Once you have created a product, the next element to determine is its price