Chapter 7 Flashcards
Level of products and service
- Core value
- Actual benefits
- Augmented product
Core value
What customer want
Augmented products
Additional benefits
Actual benefits
Product features, design, brand name
Product classification
- consumer product
- industrial product
- other market offering
Consumer product
-convenient (low price, buy frequently, can but anywhere)
-shopping (price higher than convenient, buy less frequent, few place to buy)
-specialty(high price, buy in special time, specific place to buy)
-Unsought(price not specified, won’t buy it usually, specific place to buy, life insurance)
Industrial products
Steels, office, warehouse, stationary, service
Other market offering
-organisation(profit or non-profit organisation)
-Person(politician, doctor, lawyer)
-place(tourism)
-ideas(public health campaigns)
Product and service decision
- attribute( define the benefits)
- branding
- packaging
- labelling
- product support service
Attributes(quality)
To create customer value and satisfaction
Quality level is how to product is performing
Quality consistency is how the product is performing overtime
Attribute (features)
The competitive tool for differentiating from other companies
Attribute (design)
Style and design can add value
Branding
To differentiate with other competitors by brand name, logo
Packaging
To protect the product
Labelling
Identifies - to identify to the product by the logo and brand name
Describes - give information like the ingredients
Promotes - can promote the brand
Product support services
To make sure to customer service satisfaction
Branding strategy
Measured base on:
Differentiation - what is it differ from other
Relevant - it is worth to buy
Knowledge - how well they know the brand
Esteem - how highly they are to respect the brand
Brand positioning
Product attribute - focus on the characteristics that id different from other
Desirable benefits - focus on how the products bring benefits to customers
Beliefs and values - focus on who is satisfied the customer
Building strong brands
Brand positioning
Brand name
Brand sponsorship
Brand development
Brand name
Choose a suitable one
Brand sponsorship
Manufacturers brand - sell own products in its own store
Distributors brand - sell own product in others store
Licensed brand - rent out own brand to other to use
Co-branding - 2 brand collaboration
