W3 Lecture 2 Managing Products & Brands

Question 1

Product?

Answer 1

PP think that product is tangible. Actually a product is anything that can be offered to satisfy a want or a need, including physical goods, services, experiences, events, persons, places, properties, organizations, information and ideas.

Question 2

5 product levels (Customer value hierarchy)

Answer 2

1. Core benefit
2. Basic product
3. Expected product
4. Augmented product
5. Potential product

Question 3

Product Classification

Answer 3

Durability and tangibility:

1. Non-durable goods: beer, shampoo v..v
2. Durable goods: fridge, clothing, machine v..v
3. Services: hair cut, legal advice

Consumer-good classification:
1. Convenience goods: soap, soft-drink, food
2 . Shopping goods: Furniture, clothing, major appliances
3. Specialty goods: cars, suits,
4. Unsought goods: insurance, smoke detectors, gravestones

Industrial-good classification:

1. Materials and parts
2. Capital items
3. Supplies and business services

Question 4

Value proposition

Answer 4

a set of benefits

that satisfy those needs

Question 5

The market offer (offerings):

Answer 5

a combination of products, services,
information, and experiences
- A pure tangible good
- A tangible good with accompanying
services: iphone
- A hybrid: eating at the restaurant
- A major service with accompanying minor: air travel
goods/services
- A pure service: teaching, consultancy, massage

Question 6

Brand

Answer 6

an offering from a known source

Question 7

service

Answer 7

Any act or performance one party can offer to another that is essentially intangible and does not result in the
ownership of anything

Question 8

Characteristics of service

Answer 8

Intangibility
Variability: depends on who provide, when, where and how
Inseparability: cannot be sperated from the provider
Perishability: cannot be stored for future use

Question 9

7Ps

Answer 9

People
Processes: Procedure
Physical evidence?

Question 10

Differentiating the Marketing Offer via Product

Answer 10

• Form
• Features
• Performance quality
• Conformance quality
• Durability
• Reliability
• Reparability
• Style
• Customization

Question 11

Differentiating the Marketing Offer via Services

Answer 11

• Ordering ease
• Delivery
• Installation
• Customer training
• Customer consulting
• Maintenance and repair
• Returns

Question 12

Differentiating the Marketing Offer via Services

Answer 12

• Ordering ease
• Delivery
• Installation
• Customer training
• Customer consulting
• Maintenance and repair
• Returns

Question 13

Product Management Decisions

Answer 13

• Individual product item decisions:
attributes, branding, packaging, labelling, product support.
• Product line decisions for a group of products that are
closely related because:
– they function in a similar manner
– are sold to the same groups
– are marketed through the same types of outlet
– fall within given price ranges
• Product mix (range) decisions for all of the product
lines and items in the lines that a particular seller offers
for sale to buyers.