week 7-Product

• The 4p's of Marketing: Product, Price, Promotion and Place
• product: should meet customer needs and wants, should be of good quality, should be available at a reasonable price
• Two Dimensions Utilitarian: Are practical needs i.e. Food
• Two dimensions Hedonic: Pleasure need i.e. netflix
• Definition Product: Anything that can be offered to a market for attention , use or consumption that might satisfy a need or want.
• Good: Physical/Tangible offering
• Service: Intangible offering that does not involve ownership i.e. Haircut
• Idea: Concept, Issue or Philosophy
• 3 Levels of products-Core Product: The key benefit consumers want from a product
• 3 levels of products -Actual Product: The physical good or service itself
• 3 levels of products -Augmented Product: All the things added to the core product to make it more attractive to customers
• Product Life Cycle (PLC): A model used by marketers to describe how a product moves through its life cycle.
• Product line: A set of closely related products and are safer than adding a new line because there is a unique need.
• Product Mix: All product lines and items that a company offers for sale. Extend the mix by adding a new line
• Shopping product: Purchased rarely and the buyer does not know much about the product
• Specialty product: Purchased infrequently and willing to make a special effort to get the product.
• Unsought product: The customer is unaware that they want or need this product until they see an advertisement or need repairs
• Convenience product: Purchase frequently, low cost, and purchased with little thought.
• Brand image: Set of beliefs that a consumer has regarding a brand and their perception of the brand.
• Brand equity: A set of assets linked to a brand name that add value through reputation, brand loyalty and perceived quality
• Brand name: Needs to be distinctive, relevant and able to change
• Brand Mark: Symbols or designs.
• TradeMark: Brand name that is legally registered and cannot be used by other brands
• Benefits of brands to consumers: Simplifies the purchase decision adds symbolic value and assure quality.
• Roles of Packaging: Designed to attract consumers and phsyically protect the product, provides easy brand recognition, augments the product (i.e. Recipes)
• Packaging quote: "Protects what it sells and sells what it protects"
• Product life Cycle-Introduction: period of slow sales, no profit but high investment costs.
• Product life Cycle-Growth: Market acceptance and increasing profits.
• Product Life Cycle-Maturity: Slowdown in sales growth, should use promotion to remind customers about the product.
• Product Life Cycle-Decline: Sales and profits drop, need to cut prices or change marketing strategy.
• Marketing Mix refers to all the elements that make up a company’s overall marketing strategy.