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Chapter 5：Products - Coggle Diagram
Chapter 5：Products
Product Cycle Life
The Product Life Cycle ( PLC ) is an important concept in marketing that provides insights into a product’s competitive dynamics.
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A product is a set of tangible and intangible attributes including packaging, color , price , quality , brand plus the seller services and reputation. – W.J. Stanton
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A product is anything , tangible or intangible which can be offered to a market for attention, acquisition use or consumption that might satisfy a need or want. – Philip Kotler
- Anything that can be offered in a market for attention, acquisition, use, or consumption
- Satisfy a need or want
- Example : car, handy camcorder , etc
Service
- Any activity or benefits that one party can offer to another
- Essentially intangible and does not result in the ownership of anything
- Eg: Hotel
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Branding
- A name, term, sign, symbol, or design, or a combination of these, that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.
Packaging
- The activities of designing and producing the container or wrapper for a product.
- The primary function of the package was to hold and protect the product.
- In recent times, however, packaging has become an important marketing tool as well.
Labeling
- Labels and logos range from simple tags attached to products to complex graphics that are part of the packaging.
- A) label identifies the product or brand
- B) the label might also describe several things about the product—who made it, where it was made, when it was made, its contents, how it is to be used, and how to use it safely.
- C) the label might help to promote the brand and engage customers.
- For many companies, labels have become an important element in broader marketing campaigns.
- Labels and brand logos can support the brand’s positioning and add personality to the brand.
Product Support Services
- Customer service is another element of product strategy. A company’s offer usually includes some support services, which can be a minor part or a major part of the total offering.
- Support services are an important part of the customer’s overall brand experience.
- Eg. Lexus knows that good marketing doesn’t end with making a sale. Keeping customers happy after the sale is the key to building lasting relationships. Lexus believes that if youdelight the customer, and continue to delight the customer, you will have a customer forlife. So Lexus dealers across the country will go to almost any lengths to take care of customers and keep them coming back
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Actual Product
- At the second level the, marketer has to turn the core benefit into basic product. The basic product that might satisfy the inner needs of the consumer A version of the product containing only those attributes or characteristics absolutely necessary for it to function. The products that are offered to consumers include features, quality, style, brand name, packaging etc.
Augmented Product
- At this level the marketer prepares an augmented product that meets the customer’s desires beyond their expectations.
- The additional benefits to be experienced or achieved by a consumers from actual product is called augment product.
Core Customer Value /
Core Benefit
- The fundamental need or want that consumers satisfy by consuming the product or service. The inner need that urges the consumers to buy something, no matter if it is a product or a service. The main aim of consumers is to satisfy this inner urge. Marketers see themselves as benefit providers.
