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IB Year 2 Quarter 2 Marketing Summary
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All relevant chapters for the upcoming exam marketing (Y2Q2) (IB,AVANS)
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Y2Q2 Marketing SummaryChapter 8
Product: anything that can be offered to a market for attention, acquisition, use or
consumption that might satisfy a want or need.
Products include more than just tangible objects, products also include services, events,
persons, etc. services are a form of a product that consists of activities, benefits or
satisfactions offered for sale that are essentially intangible and do not result in the ownership
of anything. For example, hotels, airline travel, banking.
Products are a key element in the overall market offering. Marketing mix planning begins
with building an offering that brings value to target customers. This offering becomes the
basis on which the company builds profitable costumer relationships.
Markets offering may often be both tangible goods and services.
Some may consist only of pure tangible goods, like soap. No services accompany the
goods. Others are pure services like a doctor’s examination. Now products and services
have become more commoditised (the standard/expected). Companies in the experience
market know that customers are buying much more than just the product and services. They
are buying what those offers will do to them.
Levels of product and services
1. Core costumer value
- what is the customer really buying?
- Define the core problem solving benefits or services that costumers need.
2. Actual product
- Turn core problem into product and service features, design, a quality level, a brand
name and packaging.
3. Augmented product
- Offering additional customer services and benefits.
Products and services fall into two classes based on the types of consumers; consumer
products and industrial products.
Costumer product are products bought by final consumers for personal consumption.
Marketeers classify products and services on how consumers go about buying them.
(See page 229)
1. Convenience products: costumer buy this frequently and with minimal comparison
and buying effort. The products are usually low priced and are placed in many
locations so they can be available when costumers need/want them.
2. shopping products: less frequently bought, costumer compares carefully on
suitability, price, quality and style. Consumers spend much time and effort in
gathering information and making Comparisons.
3. specialty products: products with unique characteristics or brand identification for a
significant number of buyers is willing to make a special purchase effort for.
4. unsought products: a product that the consumer either does not know about or
knows about it but does not normally consider buying.
,Industrial products are products bought by individuals and organisations for further
processing or for use in conduction business. Price and services are major marketing
factors. Branding and advertising are less important.
Materials and parts are raw or manufactured materials that consist of component materials
and component arts. Are mostly sold directly
Capital items are industrial products that aid buyer’s production or operations, including
installations and accessory equipment. Installations consist of major purchases (offices) and
fixed equipment (lifts). Accessory equipment includes portable factory equipment and tools
(hand tools) and Office equipment (fax machine). They last shorter than installations.
Supplies and services are industrial products. Supplies are the convenience products of the
industrial field (minimum effort and cheap). Services include maintenance and repair
services and business advisory services. Usually applied under contract.
Difference between consumer products and industrial products is the purpose the product is
purchased for.
New marketing offers have boarded to organisations, persons, places and ideas.
Organisations often carry out activities to ‘sell’ the organisation. Organisation marketing
consists of activities undertaken to create, maintain or change the attitude and behaviour of
target consumers towards the organisation. Peron marketing is the same ass organisation
marketing but then for a person.
Social marketing is the use of commercial marketing concepts and tools in programs
designed to influence individual’s behaviour to improve their wellbeing in the society.
Individual and service decisions
Product attributes branding packaging labelling product support services
Product attributes is developing a product or service involves defining the benefits it will
offer. These benefits are communicated and delivered by the following:
1. quality: the characteristics of a product/ service that bears on its ability to satisfy
customer needs.
- Total quality management (TQM): an approach in which all the company’s people are
constantly involved with improving the quality of products, services and business
progresses.
- Return on quality: an approach that views quality as an investment and holds quality
efforts accountable for bottom-line results.
- Product quality has 2 dimensions: level and consistency
- Performance quality: the ability of a product to preform its functions
- Conformance quality: freedom of defects a consistency in delivering a targeted level
performance.
2. features
- features are a competitive tool for differentiating the company’s product from
competitor’s product.
- Being the first to introduce a feature is one of the most effective ways to compete.
3. style and design
- design is a larger concept that style
- style describes the appearance of a product.
, - Design goes into the heart of the product. Good design contributes to a product
usefulness as well as to its looks.
- Design begins with observing the customers wants and needs.
Branding:
Brand: a name, term, sign or design, or a combination of these, that identifies the product or
services of one seller or group of sellers and differentiates them from those of competitors.
- Customers view brands as an important part of products.
- Branding can add value to a product
- Brands have meanings well beyond a product’s physical attributes
- Branding helps customers identify products that might benefit them
- Brand also says something about product quality and consistency
Packaging; the activities of designing and producing the container or wrapper for a product.
- Packaging can have multiple functions, it helps getting attention, to communication
band positioning, to closing the sale.
- Innovative packaging can give the company an advantage over the competitors and
boost sales
Labelling
- The label identifies a product or brand
- The label might also describe things about the product
- It can also promote the brand, support its position and connect with customers
- Labelling has been affected by unit pricing (stating the price per unit of standard
measure) and open dating (stating the expected shelf life of a product) and nutrition
labelling (stating the nutrition values on a product)
Product support services
- They are an important part of customers overall brand experience
- The company must do a customer survey periodically to asses value of current
services. Once the company has asses the quality of various support services to
customers, they can take steps to fix problems and add new services.
- Added services may also be key innovations to enhance customer relationships.
Product line decisions
A product line is a group of products that are closely related because they function in a
similar manner, are sold to the same customer groups, are marketed though the same types
of outlet or fall within given price ranges.
The major product line involves the product line length (the number of items in a product
line)
A company can expand its product line in 2 ways:
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