MKG 300 Chapter Notes - Chapter 8: Life Insurance, Pizza Hut, Brand Equity
13 Sep 2016
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Chapter 8- elements of product planning for goods and services. Companies are selling the satisfaction, use, or benefit the customer wants. Purchases deliver the highest level of satisfaction when the customer"s entire experience with the product meets or exceeds the customer"s needs. Product means the need-satisfying offering of a firm. Quality means a product"s ability to satisfy a customer"s needs or requirements: marketing managers often focus on relative quality when comparing their products to competitors" offering, quality and satisfaction depend on the total product offering. A product may be a physical good or service, or a blend of both (when you eat out, you are buying food prepared and served by staff: monsanto and westin hotel ex. A good is tangible while a service is intangible. Goods are mass-produced in a factory far away. A product assortment is the set of all product lines and individual products that a firm sells.
