Lecture 6: Products, Services, and Brands: Building Customer Value

Question 1

What is a product?

Answer 1

• anything that can be offered to a market for attention, acquisition,
  use, or consumption that might satisfy a want or need
  
  • Tangible (smartphones)
  • Intangible (services: banking, hotel, Singapore poly)

Question 2

Core product, Actual product , Augmented product

Answer 2

Core product
- What is the consumer really buying?
- Offers solutions to solve consumer’s problem
- Singapore poly: education

Actual product
- Consists of features, design, quality level, brand name,
packaging

Augmented product
-Additional benefits to enhance consumer satisfaction

Question 3

Types of consumer product

Answer 3

1) Convenience product
- buys frequently
- minimal effort
- 🍚

2) Specialty product
- unique characteristics
- consumer willing to make special purchase effort
- 🚗

3) Shopping product
- Compares on price, quality, style, suitability

4) Unsought product
- Consumer does not know about
- Knows but does not think of buying
- ⚰️