s4 week 1 Flashcards
- Who believes that marketing research is the systematic problem analysis, model building and fact-finding for the purpose of improved decision making and control in the marketing of goods and services?
Philip Kotler
- It is a systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services.
Marketing Research
- Part of marketing research process that involves of collecting information regarding business environment, market situation, competitions and industry surrounding the problem in general.
Situational analysis
- It involves classification, tabulation and interpretation of the data collected.
analyzing and Interpreting
What is product?
Product is anything that can be offered in a market for attention, acquisition, use, or
consumption that might satisfy a need or want.
Includes:
Physical object Services Events
Person
Places
Organization Ideas
Kotler’s 5 product levels
- core benefits
- general products
- expected product
- augmented product
- potential product
core benefits
The core benefit is the fundamental need or want that the customer satisfies when they buy the product.
For example, the core benefit of a hotel is to provide somewhere to rest or sleep when away from home.
general product
- Generic Product
➢ The generic product is a basic version of the product made up of only those features necessary for it to function.
expected product
- Expected Product
➢ The expected product is the set of features that the customers expect when they buy the product.
In a hotel example, this would include clean sheets, some clean towels,
Wi-fi, and a clean bathroom.
augmented product
- Augmented Product
➢ The augmented product refers to any product variations, extra features, or services that help differentiate the product from its competitors.
In a hotel example, this could be the inclusion of a concierge service or a free map of the town in every room.
Potential product
Potential Product
➢ The potential product includes all augmentations and transformations the product might undergo in the future. In simple language, this means that to continue to surprise and delight customers the product must be augmented.
According to use: Consumer goods
Consumer goods are goods that are purchased for personal consumption and/or household use.
Examples: Instant noodles, biscuits, milk, detergent soap, shampoo, and other similar items.
According to use: Industrial Goods
Industrial goods are purchased in order to make other goods, to serve as a raw material or input in the production of other goods.
Examples: Aluminum (used to manufacture kitchen equipment and cans); electronic cables and wires (serve as electrical conduits for home appliances)
undifferentiated goods
Undifferentiated goods are products whose physical characteristics are so identical. Most undifferentiated goods are products that are sourced from nature.
Example: salt bought from the two different vendors’ looks, feels, and tastes identical
differentiated goods
Differentiated goods are varied in their characteristics and features that make them distinguishable from one another.
Example: Car, the appearance and the features vary because of the ability of the
manufacturers to successfully distinguish their products from competitors which is called branding.
Durability
Durability refers to the length of time a consumer can derive benefit from the product or good purchased.
consumables
Consumable is a product whose benefit can only be used by a consumer for a short
period of time, sometimes only a few minutes. Consumables a such as food, drinks.
Semi-durables
Semi-durables provide benefits to the consumer for a longer period of time, usually spanning several months. Semi-durables are manufactured for long-term use by consumer.
Examples of semi-durables are clothes, shoes, belts, jackets, etc.
Durables
Durables are products that are manufactured to last a long time. They are capable of providing consumers with years of beneficial use. Durables are usually expensive, and many, therefore, require an augmented product to market them effectively. Examples of durable goods are automobiles, houses, home appliances, customer electronics, furniture, sports equipment, and toys.
convenience goods
Convenience goods are products that are purchased frequently, usually inexpensive,
and do not require much purchase effort and evaluation. Examples are newspapers, gum, and
candy.
Shopping goods
Shopping goods are purchased less frequently than convenience goods, are relatively more expensive, and require some amount of information search and evaluation prior to purchase.
Examples of shopping goods are shoes, clothes, and handbags.
Specialty goods
Specialty goods are goods that require an unusually large effort on the part of
consumers to acquire.
Examples are branded luxury merchandise, works of art, automobiles,
and homes.
Unsought goods
Unsought goods are goods that consumers seldom actively look for, and are usually
purchased for extraordinary reasons, such as fear or adversity, rather than desire.
Examples are investments, memorial plans, and life insurance.
what is services?
Services are form of product that consist of activities, benefits, or satisfaction offered for sale that are essentially intangible and do not result in the ownership of anything.
service four major attribute
- intangibility
- variability
- inseparability
- perishability
Intangibility
Physical products are tangible. As such, they can be inspected by consumers prior to purchase. On the other hand, services are intangible.
Variability
Because services are performed by human beings, no service provider can render the
same service in exactly the same way every single time.
Inseparability
Because services are rendered by people, the service provider must be present each and every time the service is provided. Services are rendered and consumed simultaneously.
Perishability
Unconsumed services cannot be stored or warehoused
What is experience
A product which involves experiential aspects of consumption rather than utilitarian ones. This type of product allows consumers to engage in fantasies, feelings and fun and often carries subjective meanings and characteristics.
Product Experience
Product experience is the overall value of a product or service to customers. This is
defined in terms of customer perceptions as they use the product or service in a variety of contexts.
importance of costumer service
A remarkable customer experience is critical to the sustained growth of any business.
A positive customer experience promotes loyalty, helps you retain customers, and encourages brand advocacy.