Chapter 7: Offering Portfolio Flashcards
What is a product
ANYTHING!!!1 it is the sum of physical psychological physiological sociological to create value
Product layers model
CORE PRODUCT: benefit
TANGIBLE PRODUCT: brand, featues, design, package, quality
AUGMENTED PRODUCT: [anything that is added over and above product] Warranty, financing/credit, after sale services, delivery product support
Product classification
CONVENIENCE
SPECIALTY
SPHOPPING
UNSOUGHT
convenience good
frequently purchased little compraison and shopping effort needed
wide distribution low prices
Shopping good
less frequent ourchases wihth high shopping efforts!!
selectively distribute and communite with a higher price
Its like clothing and refiriegerators
Specality
brand preerence and loyalty! little comparison speiifal purchase effort, LOW PRICE SENSITIVITY
exclusive distribution with high price and targeted promotion
LIKE A TESLA
Unsought goods
bought when necessary little product awareness or knoweldge
aggresive selling to tell u about benefits of product, distribution and communication varies
life insurance, tombstones
Product Mix
all products an org can sell!
Product Line
a group of closely telated product items based on marketing, tech, or end use!!!
product line length
number of product items iwthin the product line
Product line depth
the number of different versions offered for each product in product line (size, form, scent)
Product Mix Width
the number of product lines a company offers
it is about being oconsistent!!! does it make sense with consumers??? that you are producing this?
Service products
anythign that is consumed and produced but is not a physical product
mortgage home security bank loan
Services
actiivties by sellers and others tha accompany sale of a product and aid in exchange or util
product service continuum
tangible dom
tangible w services
hybrid
service w tangibles
service dom
attributes of services
- Intagibility: cannot touch or holds ervices
- Inseparabiltiy: cannot sepearte deliverer of service for service itself
- Invenotry: You can not invenotry a service!!!!
- Incosnitenct: service qulaity varies with capability of service provider
Service delivery dimensions
- Tangibles: The phsyical facilites, equipments, personnel and comm materials
- Reliability: Ability to perform as promiesd!!! service dependably and accurately
- Responsiveness: willingness to help customers and provide prompt service
- Assurance: certainty in capability: ability to convey trust and ocnfidence
- Empathy: providion of caring individaulized attention
How do you evaluate a product?
- Performance Quality: deliver on measurable attributes?
- Conformance Quality: meeting established standard?
How do you evaluate a service?
measuremant against performance@@@ does it conform to expecations
use Expecatancy disconfirmation
Expecatancy disconfirmation
a cognitive theory to explain post purchase. behaviour (cognitive dissonance)
- perofmrance expectations are compared to prior experience
product life cycle
development
introduction
growth
maturity
declineN
Nested life cycles
demand
technology is within
product is iwthin (many exist)
brand is the smallest
Lifespan
lifespan of products are shortening!!! there is either maturity or death happening
Marketing Myopia
focusing oto much on the product and not the solution
