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Summary (Chpt.8) Products, Services, and Brands
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- University Of The Witwatersrand (wits)
(Chpt.8) Products, Services, and Brands
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Principles of Marketing by ProfessorBurgerQueenProducts, Services, and Brands
Building Customer Value
- A product is anything that can be offered in a market for attention, acquisition, use, or
consumption, that might satisfy a need or want
- A service is a product that consists of activities, benefits, or satisfactions and that is
essentially intangible and does not result in the ownership of anything
- The primary goal of any company selling products is sales volume, while entities
offering services aim for excellence in customer satisfaction and are more focused on
building relationships with clients to ensure repeat business
Levels of Product
- Core customer value
- Actual product (brand name, features, quality, design)
- Augmented product (product support, warranty, delivery and credit)
Product Classifications
- Consumer products
- Industrial products
● Consumer products are bought by final consumers for personal consumption
- Convenience products
- Shopping products
- Specialty products
- Unsought products
- Convenience products are products and services that the customer usually buys
frequently, immediately, and with minimum comparison and buying effort eg. milk,
eggs, candy, fast food
- Shopping products are less frequently purchased products and services that the
customer compares carefully on suitability, quality, price, and style eg. furniture, cars,
appliances
- Specialty products are those with unique characteristics or brand identity for which a
significant group of buyers is willing to make a special effort eg. medical services,
designer clothes, high-end electronics
- Unsought products are those the consumer does not know about or know about, but
does not normally think of buying eg. life insurance, funeral services
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