Summary Marketing book Principles of Marketing, IBS quarter 3, year 1
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Module
Marketing
Institution
Saxion Hogeschool (Saxion)
Book
Principles of Marketing
This summary covers chapters 8,9,10,11,12,13,14,15,16,17&18. This summary was made for the first year of international business and the second part of marketing (quarter 3).
Samenvatting Principles of Marketing, ISBN: 9781292269566 Marketing
Marketing year 2 quarter 1 Avans
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Saxion Hogeschool (Saxion)
International Business School
Marketing
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§CHAPTER 8: PRODUCTS, SERVICES AND BRANDS: BUILDING
CUSTOMER VALUE
topic outline:
- What is a product?
- Product and services decisions
- Services marketing
- Branding strategy: building strong brands
-
What is a product?
product: is anything that can be offered in a market for attention, acquisition, use or
consumption that might satisfy a need or want
service: is a product that consist of activities, benefits or satisfaction that is essentially
intangible and does not result in the ownership of anything
experiences: represent what buying the product or service will do for a customer
market offering
Core customer value: addresses the question “What is the buyer really buying”?
- First define the core problem solving benefit or service that consumer seek
,Actual product: product planners must turn core benefit in a product
- Develop product and service features, design, packaging, quality level, a brand name
Augment products: offering additional customer services benefits
- Delivery and credit, alter-sale service, product support, warranaty
Developing product: first core customer value that customer seek from the product. Than
design the actual product and find ways to augment it to create customer value and full and
satisfying brand experience.
Product and service classification
Consumer products are products and services for personal consumption (B2C)
Classified by how consumers buy them
- Convenience product: are customers products and services that the customer usually
buys frequently, immediately and with a minimum comparison and buying effort
o Examples: newspapers, candy, fast food, newspaper, Netflix
- Shopping products are customer products and services that the customer compares
carefully on suitability, quality, price and style
o Examples: furniture, cars, clothes
- Specialty products: are customers products and services with unique characteristics
or brands identification for which a significant group of buyers is willing to make a
special purchase effort
o Examples: designer clothes, high-end electronics
- Unsought products: are customers products that the customer does not know about
or know about but does not normally think of buying
o Examples: blood donation, funeral service, life insurance
Industrial products: are products purchased for further processing or for use in conducting
a business (B2B)
Classified by the purpose for which the product is purchased
- Materials and part: include raw material and manufactured materials and parts
usually sold directly to industrial users
- Capital: are industrial products that aid in the buyer’s production or operations
- Suppliers and services: include operating supplies, repair and maintenance items and
business service
Marketing
Organization marketing: consist of activities undertaken to create, maintain or change
attitudes and behavior of target customer toward an organization
Personal marketing: consist of activities undertaken to create, maintain or change attitudes
and behavior of target consumers toward particular people
Place marketing: consist of activities undertaken to create, maintain or change attitudes
and behavior of target consumers toward particular places
Social marketing: is the use of commercial marketing concepts and tools in programs
designed to influence individuals’ behavior to improve their well-being and that of society
,Product and service decisions
Product or service attributes: communicate and deliver the benefit
- Quality
o Product quality level: is the level of quality that supports the product’s
positioning
o Product conformance quality: is the product’s freedom from defects and
consistency in delivering a targeted level of performance
o Total quality management: approach company’s people are involed in
constantly improving the quality of procut
- Features
o A competitive tool for differentiating a product from competitors’ products
o Assessed based on the value to the customer versus the cost of the company
- Style and design
o Style: describe the appearance of the product
o Design: contributes to a product’s usefulness as well as to its looks
look at customers and understand their needs and shaping their
product-use experience
Branding: is the name, term, sign or design – or a combination of these – that identifies the
maker or seller of a product or service
- consumers view a brand as an important part of a product, add value to a
consumer’s purchase
Packing: involves designing and producing the container or wrapper for a product
- first hold an product, now important marketing tool
Labels: identify the product or brand, describe attributes and provide promotion
- creating a logo build symbol for the brand
- unit pricing: stating the price per unit of standard measure
- open dating: stating the expected shelf life of a product
- nutritional labelling: stating the nutritional values in a product
Product support services: augment actual products (see above)
- use multiple technologies to get in contact with support service (mail, online, social
media, mobile)
Product line: is a group of product that are closely related because they function in a similar
manner, are sold to the same customer groups, are marketed through the same type of
outlets or fall within given price ranges
- Product line length: is the number of items in the product line
o Line stretching: company lengthens its product line beyond its current range.
Stretching line downward or upward
o Line filling: adding more items within the present range of the line
, For extra profits, satisfying, capacity leads to canniablisation (eating up
sales of the company’s own existing products) and customer confusion
Product mix: consist of all the products and items that a particular seller offers for sale
- Width: number of different product lines the company carries
- Length: total number of items a company carries within its product lines
- Depth: the number of versions offered of each product in the line
- Consistency: how closely related the various product lines are in the end use,
production requirements, distribution channels or some other ways
Satisfaction: very satisfaction but nog functionality
Functionality: not satisfaction but very functionality
Excitement attributes: only satisfaction
Performance attributes: from dissatisfaction to satisfaction
Thresholds attribute: functionality, dissatisfaction
Service marketing
Types of service industries:
- Government: courts, hosipital, plice, school etc.
- Private no-for-profit organisations: museums, charities, churches, college,
foundations
- Business services: airlines, banks, hotels, etc
Need for physical evidence
Service intalagibility: services cannot be seen, tasted, felt, heard or smelled before they are
bought
Service inseparability: services are produced and consumed at the same time and cannot be
separated from their provided
Service variability: the quality of services may vary greatly depending on who provides them
and when, where and how they provided
Service perishability: services cannot be stored for later sale of use
Service economy
Products become service
Sharing economy: you don’t have to own it, to enjoy it
Marketing strategies for service firms:
In addition to traditional marketing strategies, service forms often require additional
strategies
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