MKTG 45060 Lecture 7: Product Definition
8 Nov 2020
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Document Summary
In industries producing commodity type products that fill universal needs: needs that exist when the tastes and preferences of consumers in different nations are similar if not identical. A product is multidimensional, and the sum of all its features determines the bundle of satisfactions (utilities) received by the consumer. The packaging component includes style features, packaging, labeling, trademarks, brand name, quality, price, and all other aspects of a product"s package. Packaging components frequently require both discretionary and mandatory changes. The support services component includes repair and maintenance, instructions, installation, warranties, deliveries, and the availability of spare parts. Global brands global brand gives a company uniformly positive worldwide brand associations that enhance efficiency and cost savings when introducing other products with the brand name. A different strategy is followed by some companies like nestl . In some markets, it acquires well-established national brands for strength.
