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MK11, Branding Strategies, Sustainable packaging: packaging that has less…
MK11
Product: anything that has value to a consumer and can be offered through voluntary marketing exchange
Complexity of Products
Actual Product: physical attributes of a product including brand name, features/design, quality level, and packaging
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Associated services: AKA AUGMENTED PRODUCT: nonphysical parts of product, like warranties, financing, product support, after sale service
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Types of Products
Shopping products/services: customers will spend time comparing alternatives like furniture, apparel
Convenience products/services: customers wont want to spend any effort to evaluate the purchase. Frequently purchased commodity items.
Specialty products/services: customers with a strong preference who will spend a lot of effort for the best suppliers
Unsought products/services: consumers don't usually think/know about. Require lots of marketing efforts.
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Cannibalization: when products are too similar, sales of one brand may take sales away from the other brand
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