MKT 300 Lecture Notes - Lecture 10: Brand Loyalty, Emergency Medical Services, Procter & Gamble

• School: University of Alabama
• Department: MKT
• Course: MKT 300
• Professor: montavon

Document Summary

What is a product: product, good, service, or idea received in an exchange, can be tangible or intangible. Includes functional, social, and psychological utilities of benefits: good a tangible physical entity, service an intangible result of the application of human and mechanical efforts to people or objects. Classifying products: consumer products, purchased to satisfy personal and family needs, business products, for use in organization"s operations, to resell, to make other products, classifications may influence decisions related to, pricing, distribution, promotion. Consumer products: 4 types: convenience products relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort, marketed through many retail outlets, packaging and displays are important, examples; bread, soft drinks, gasoline, newspapers. Introduction: product"s first appearance in the marketplace. Initial revenues = low: large promotion/distribution expenses. Initial sales = slow: consumer awareness/education/adoption, two problems: Insufficient resources, technology knowledge and marketing expertise to launch the product successfully: high initial product price to recoup r&d costs = depressed sales.