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Transcript of PRODUCT.
Difference in goods and services
-means the use of name, term, symbol, or design or a combination of these to identify a product
What is a product?
-need-satisfying offering of a firm
What do customers want?
-You can own it
-are typically mass-produced in a factory
-You can't keep it
-Produced in person
-ability to satisfy a customer's need
-words, symbols, or marks that are legally registered for use by a single company.
Conditioning favorable to branding
1. Easy to be identified by brand and product
2. Best value for the price
3. Favorable display locations
4. Widespread availability
5. Demand is strong
Achieving brand familiarity disadvantages
1. Brand rejection
- means that potential customers won’t buy a brand unless its image is changed- or if the customers have no choice.
2. Brand Recognition
3. Brand Nonrecognition
4. Brand Preference
-customers usually choose the brand over other brands.
5. Brand Insistence
-customers insist on a firm’s branded product and are willing to search for it.
- involves promoting, protecting, and enhancing the product.
- Can enhance the product
- Sends a message
- Can lower distribution costs
- Greener Packaging creates value for buyers and sellers
1. Understand what "Product" really means
2. Distinguish the differences between "goods" and "services"
3. Understand what branding & packaging is
4. Expand knowledge about products
-What the seller promises about the product
*A marketing manager should decide whether to offer a specific warranty, and if so, what the warranty will cover and how it will be communicated to target customers.