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Summary Chapter 7 Marketing Fundamental by Bronis Verhage. 2nd edition
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Detailed resume of chapter 7, added pictures and examples in this document.
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SummaryChapter
7
Marketing
Fundamental
By
Bronis
Verhage
2nd
edition
Chapter
7
–
Product
strategy
and
services
marketing
Contents
7.1
What
is
a
product?
7.2
Types
of
consumer
goods
7.3
Product
assortment
strategies
7.4
Managing
the
product
life
cycle
7.5
Product
quality
and
customer
service
7.6
Brand
management
7.7
Product
design
and
packaging
7.8
Marketing
of
services
Learning
goals
1. Define
a
product
from
a
marketing
perspective
2. Compare
the
characteristics
of
four
categories
of
consumer
products
3. Develop
effective
product
mix
strategies
4. Explain
the
marketing
significance
of
the
product
life
cycle
stages
5. Recognise
the
importance
of
quality
and
service
as
key
elements
in
marketing
6. Discuss
strategies
to
build
and
increase
a
brand
equity
7. Understand
the
role
of
design
and
packaging
in
product
strategy
8. Describe
how
services
marketing
differs
from
the
marketing
of
products
©
Stan
Meuwissen
Zuyd
University
of
applied
science
,7.1
What
is
a
product?
Product:
A
combination
of
tangible
and
intangible
characteristics
that
enable
an
object
or
a
service
to
satisfy
a
customer
need.
The
three
levels
of
a
product:
1. The
core
product
2. The
actual
product
3. The
augmented
product
The
core
product:
The
basic
function
or
problem
solving
benefit
that
a
consumer
is
seeking
in
the
exchange.
The
actual
product:
This
is
about
the
buyers’
expectation,
for
example
the
features,
design,
quality
level,
brand
name
and
packaging.
The
augmented
product:
The
intangible,
psychological
benefits
and
service-‐based
features
that
make
the
total
product
more
attractive
from
the
customer’s
viewpoint.
Product
attributes:
The
technical
aspects
or
physical
characteristics
of
a
product,
what
make
a
difference
in
a
purchase
decision.
©
Stan
Meuwissen
Zuyd
University
of
applied
science
,7.2
Types
of
consumer
products
There
are
two
different
types
of
products,,
consumer
goods
and
business
goods.
Consumer
goods:
Products
sold
to
individuals
and
their
families
for
their
personal
use
or
consumption.
These
buyers
are
knows
as
ultimate
consumers
or
end
users
of
the
product.
Business
goods:
Business
products
and
services
or
industrial
goods
are
sold
to
organisations
–
including
companies,
government
agencies
and
non-‐profit
institutions
–
that
either
resell
them
or
use
them
to
make
products
or
to
provice
a
service.
For
example:
The
same
tablet
can
be
either
a
consumer
or
a
business
product,
depending
on
whether
it
is
purchased
by
a
student
to
do
his
homework
or
a
company
to
develop
a
marketing
plan.
Melvin
Copeland
classified
consumer
goods
in
three
classes.
1. Convenience
products
2. Shopping
products
3. Specialty
products
Convenience
goods:
Products
that
you
buy
often
and
the
effort
to
buy
is
low.
Shopping
goods:
A
higher
end
product
occasionally
bought
by
consumers
that
are
usually
compared
for
their
appropriateness,
quality,
cost
and
features
before
purchase
occurs.
Consumers
tend
to
take
more
time
when
purchasing
a
shopping
good
produced
by
a
business,
and
they
might
even
travel
to
such
goods.
Specialty
goods:
Item
that
is
extraordinary
or
unique
enough
to
motivate
people
to
make
an
unusual
effort
to
get
it.
Impulse
goods:
Products
purchased
with
no
pre-‐planning
or
careful
decision-‐making,
as
when
adding
a
packet
of
cheweing
gum
while
standing
in
line
oat
the
checkout
in
a
grocery
store.
Emergency
goods:
Products
purchased
when
the
customer
urgently
needs
the
item.
For
example
an
umbrella
during
a
downpour,
even
if
the
consumer
has
one
at
home.
Unsought
products:
Products
and
services
of
which
consumers
are
unaware,
haven’t
necessarily
thought
of
buying
or
discover
they
need
in
order
to
solve
an
unexpected
problem.
Durable
consumer
goods:
Products
such
as
cars,
E-‐readers
and
dishwashers,
which
are
used
repeatedly
over
an
extended
period.
They
have
relatively
high
profit
margins.
Non-‐durable
consumer
products:
Products
with
a
relatively
short
life
cycle.
Like
clothing
and
footwear,
they
rarely
last
longer
than
about
three
years.
©
Stan
Meuwissen
Zuyd
University
of
applied
science
,
©
Stan
Meuwissen
Zuyd
University
of
applied
science
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