What is a product? what are three levels of a product?
The CORE product is NOT the tangible physical product. You can't touch it. That's because the core product is the BENEFIT of the product that makes it valuable to you. So with the car example, the benefit is convenience i.e. the ease at which you can go where you like, when you want to. Another core benefit is speed since you can travel around relatively quickly.
The ACTUAL product is the tangible, physical product. You can get some use out of it. Again with the car, it is the vehicle that you test drive, buy and then collect. You can touch it. The actual product is what the average person would think of under the generic banner of product.
The AUGMENTED product is the non-physical part of the product. It usually consists of lots of added value, for which you may or may not pay a premium. So when you buy a car, part of the augmented product would be the warranty, the customer service support offered by the car's manufacturer and any after-sales service. The augmented product is an important way to tailor the core or actual product to the needs of an individual customer. The features of augmented products can be converted in to benefits for individuals.
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Marketing
- What is the product life cycle and what is it based off of?
- What are the types of brand valuation?
- What counts most in motivating the sales force?
- What are the determinants of service quality?
- What are the characteristics of services marketing and what are their marketing problems/solutions?
- What is a product mix? What are the four dimensions of a product mix?
- What is a brand? What are the advantages of branding?
- Describe the different types of value propositions on which a company might position its products.
- Explain the four major segmentation variables for consumer markets.
- Explain the four major steps in designing a customer-driven marketing marketing strategy.
- Explain the major types of buying situations.
- Identify and describe the stages in the adoption process of a new product.
- Describe the steps of the buyer decision.
- Explain Maslow's hierarchy of needs.
- What is the customer relationship management (CRM)? What are the functions of CRM? How do firms benefit from CRM systems?
- Differentiate between the three types of marketing research objectives: exploratory research, descriptive research, and causal research.
- Explain the steps involved in the marketing research process.
- Marketers can obtain needed information from internal data, marketing intelligence, and marketing research. Describe some common sources of each of these.
- Discuss the four Ps of the typical marketing mix.
- Discuss the four Ps of the typical marketing mix.
- What is a business portfolio? How does a company typically conduct a portfolio analysis?
- Define customer equity, and explain why it is important to a company.
- Compare and contrast the product and production concepts.
- Using suitable examples, briefly compare and contrast the concepts of needs, wants, and demands. Discuss how these concepts relate to the marketing practices.