1. What is a product and how can product planners build customer value?
2. Name and describe the four types of consumer products. Provide an example of each.
3. Name and describe the four special characteristic of services. How do services offered by a hair salon differ from those offered by an auto-parts store regarding these characteristics?
1. Product defined as anything that can be offered to a market for attention, acquisitions, use, or consumption that might satisfy a want or need. Product is a key a element in the overall market offering. Marketing -mix planning begins with building an offering that brings value to customers. This offering becomes the basis upon which the company builds profitable customer relationships. A company's market offering often includes both tangible goods and services. At one extreme, the offer may consist are pure tangible goods, such as soap, toothpaste, or salt - no services accompany the product.
At the other extreme are pure services, for which the offer consist primarily of a service. Example includes a doctor's exams or financial services. Between of two extremes, however, many goods and services combination are possible.
Today, as products and services become more commoditized, many companies are moving to a level in creating value of their customers. To differentiate their offers, beyond simply making products and delivering services, they are creating and managing customer experiences with their company or brands.
2. Consumer products and services are bought by final consumers for personal consumption:
a) Convenience products: are consumer products and services that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort. Examples, includes laundry detergent, candy, magazines, and fast food. Convenience products are usually low priced, and marketers place them in many locations to make them readily available when...