High Quality Lecture Notes for Marketing Fundamentals
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Course
SMM542 Marketing Fundamentals (SMM542)
Institution
City University (City)
The aim of this course is to provide you with a sound understanding of the principles of marketing. In a nutshell, understanding marketing comes down to understanding your customers. Thus, even if you have no interest in pursuing a career in marketing per se, the knowledge and skills acquired in th...
Product
Layers of the Product
o Core Customer Value
The core, problem-solving benefit that the consumer seeks
when buying the product.
The core of a product is not a tangible part of the product
This is the main benefit that the customer seeks when
purchasing it.
o Actual Product
Marketers must turn the core customer value into an actual
product. This happens through the use of these factors:
Features
o A product’s features are a product’s distinguishing
characteristics, relating to what the product can do,
its qualities and functionalities.
o It also can be a source of differentiation
o Defeating Feature Fatigue
Before consumers purchase a product,
consumers value its capability more than its
usability.
Once consumers have used a product, their
preferences change, where usability
matters very much.
What can be done?
Critically assess features
Look beyond customer’s initial
choices
Build Simpler Products
Packaging
o Functions of Packaging
Functional: Holding and protecting the
product.
Informational: Product Information and
Labels
Promotional: Attracting attention and
communicating brand messages.
Economic and Ecological Considerations
Quality
Appearance
o Augmented Product
Good Service vs. Bad Service
Warranty
Repair
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