Mar-3023 Lecture Notes - Lecture 8: Arm And Hammer, Acura, Gonorrhea
Document Summary
A product is a good, service, or idea (or a combination of two or more of these). Services - an intangible, result of application of human and mechanical efforts to people or objects (hybrids) Ideas - concept, philosophy, image or issue. Consumer products: purchased to satisfy personal and family needs and are classi ed according to how buyers generally behave when purchasing them. We (marketers) should aim to convert unsought goods to sought goods. Business products: purchased to use for operations, to resell, or to use in the manufacture of other products. Core products are the physical or intangible service that the customer receives. Branded products are the core products plus the characteristics that allow the consumer to differentiate it from similar products. Augmented products have characteristics that enhance value beyond that of the core and branded product. Businesses will do better if they focus on meeting customer needs as opposed to selling products.
