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Marketing Strategy

by: Brice Wolff

Marketing Strategy MKTG 710

Brice Wolff

GPA 3.85


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Class Notes
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This 1 page Class Notes was uploaded by Brice Wolff on Friday October 30, 2015. The Class Notes belongs to MKTG 710 at The University of Tennessee - Martin taught by Staff in Fall. Since its upload, it has received 9 views. For similar materials see /class/232369/mktg-710-the-university-of-tennessee-martin in Marketing at The University of Tennessee - Martin.

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Date Created: 10/30/15
Managing Product Lines amp Brands hapter 10 Definition of a product anything that can be offered to a market to satisfy a wantneed Products include physical goods services experiences events persons places properties organizations information ideas Customers judge products according to product features amp quality services mix amp quality and price appropriateness Marketers plan their offering at 5 levels which make up a customer value hierarchy as each level adds more value for the customer 1 core benefit 7 fundamental servicebenefit the customer is really buying 2 basic product 3 expected product set of attributesconditions buyers norm ally expect when they buy the product 4 augmented product 7 what exceeds the customer s expectations in how they obtain use repair and dispose of the product consumption system 5 potential product 7 encompasses all possible augmentationstransform ations the product might undergo in the future This is where company looks for new ways to sat1sfy the custom er and distinguish the productservice Product classifications Durable v nondurable goods 7 nondurable goods are tangible goods that are quickly consumed a d frequently purchased durable goods are tangible goods that are used many times Consumer goods 7 4 groups Convenience good 7 purchased frequently amp with minimal effort Shopping goods 7 compared on basis of quality price style Specialg good 7 unique goods bought by consumers who must make a special purchasing effort Unsought goods 7 those that customers do not normally think of buying Industrial goods 7 materialsparts l raw materials farm products or natural products 2 manufactured materials components materials or parts capital items longlasting goods that helps develop the finished product suppliesbusiness services 7 shortlasting goodsservices that help develop the finished product Product Mix set of products offered for sale by a particular market A company s product mix is described based on 1 width of product lines carried 2 length of items in the mix 3 depth of variants of each product offered 4 consistency 7 how related the product lines are When offering a product line companies develop a platform and modules that can be expanded to meet different custom er requirements The first step is to perform productline analysis analyze sales and profits market profile 7 often use a product map to show which products compete against the company s products on specific featuresbenefits aids in identification of market se ments amp how the firm is positioned to serve them Once productline anaysis has been conducted decisions can be made on product length long if seeking high market share and growthshort if seeking profitability line featuring line pruning


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