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Summary Marketing notes week 1-12
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Marketing notes week 1-12
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Week 5Lecture 13
The marketing Process
Understand Understand the marketplace
Design Design a customer-driven marketing strategy
Construct Construct an integrated marketing program
Build Build profitable relationships
Capture Capture value from customers
Construct an integrated marketing program
An integrated marketing program details how value will be delivered to the target
customers. It turns marketing strategies into marketing tactics (actions).
Product
,• A product strategy should be developed before the other elements of the marketing mix
(price, place and promotion)
• The product strategy is the core of the marketing mix and largely dictates the nature of
the pricing, marketing communication and the distribution strategy that follow
• A product is the manifestation of an organisation’s physical attempt to satisfy the
needs of consumers
• ‘Product’ is the need-satisfying element of the marketing mix and it is therefore
essential for organisations to develop an appropriate product strategy to satisfy the
needs of their target market(s)
What is a product?
• A product is anything a consumer receives in exchange for (usually) money
• A product is anything that can be offered in a market for acquisition, use, or
consumption that might satisfy a need or want
• Although the focus is on physical products, services are, from a marketing perspective,
also regarded as ‘products’
Businesses can make 3 types of offerings to consumers:
• Product: Anything that can be offered to a market for attention, acquisition, use or
consumption that might satisfy a need or want
• Service: Any activity or benefit that one party can offer to another that is essentially
intangible and does not result in the ownership of anything
• Experiences: Creating and managing unique customer experiences using products and
services, in an attempt to improve customer engagement
• Products and services are becoming more commoditised and therefore many businesses
create customer value of focusing on delivering good customer experiences
Levels of Products and Services
There are three product levels:
1. Core benefit: What is the customer buying?
• When designing products, marketers should define the core benefits that the consumer
is seeking.
2. Actual product: Developing the product features
3. Augmented product: Additional benefits related to the product that creates a positive
post purchase experience
Example
, 1. Core benefit: What is the customer buying?
• Communication method, access to internet
2. Actual product:
• iPhone 14 features: best camera features, better battery life
• Sleek packaging
• Prestige brand
3. Augmented product:
• Warranty on parts
• Good post-sales customer service
Classifying Products
Consumer Products
Bought by the final consumer for personal consumption.
Industrial Products
Bought by individuals and organisations for further processing or for use in conducting
business.
Convenience Products
• Convenience products are products the consumer buys with the least amount of effort
• These products are bought frequently and immediately and involves a low purchase
decision
Types of Convenience Products
Staple products
• Bread, milk, toothpaste
• Purchase routinely and little time is invested in the purchasing process
• Requires intensive distribution
Impulse products
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