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TOPIC 6: Products, Services, and Brands: Building Customer Value - Coggle…
TOPIC 6: Products, Services, and Brands: Building Customer Value
What is a Product
Services - a form of product that consists of activities, benefits, or satisfactions and that is essentially intangible and does not result in the ownership of anything
3 levels of product:
- core customer value
- actual product
- augmented product
Product - anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want.
Consumer products:
- convenience product
- shopping product
- specialty product
- unsought product
Convenience product - consumer products & services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effort
Shopping product - less frequently purchased consumer products & services that the customer compares carefully on suitability, quality, price, and style
Specialty product - consumer products & services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
Unsought product - consumer products that the consumer does not know about or knows about but does not normally think of buying
Industrial products:
- materials and parts - raw materials and manufactured materials and parts
- capital items - industrial products that aid in the buyer's production or operations
- supplies and services - operating supplies, repair and maintenance items, and business services
Organisation marketing - consists of activities undertaken to create, maintain, or change the attitudes and behaviours of target consumers toward an organisation
Person marketing - onsists of activities undertaken to create, maintain, or change the attitudes and behaviours of target consumers toward particular people
Place marketing - onsists of activities undertaken to create, maintain, or change the attitudes and behaviours of target consumers toward particular places
Social marketing - uses commercial marketing concepts to influence individuals' behaviour to improve their well-being and that of society
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Services Marketing
Types of services marketing - internal marketing, external marketing, interactive marketing
Internal marketing - service firm must orient and motivate its customer-contact employees and supporting service people to work as a team to provide customer satisfaction
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Interactive marketing - service quality depends heavily on the quality of the buyer-seller interaction during the service encounter
Marketing Strategies for Service Firms:
- service-profiit chain
- internal marketing
- interactive marketing
Managing service differentiation - creates a competitive advantage:
Four service characteristics - intangibility, inseparability, variability, perishability
Managing service quality - enables a service firm to differentiate itself by delivering consistently higher quality than its competitors provide
Types of Service Industries:
- government
- private not-for-profit organisations
- business organisations
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