Marketing Management

MKT 500 Products: Goods and Services

Objectives
Upon completion of this lesson, you will be able to:
Examine the different types of products in the marketing exchange process and create dynamic strategies for competing.

Product in the Marketing Exchange

Product - goods and services - first of the 4Ps - customer-company exchange Marketing Exchange - value and benefit to customer - consumer wants and desires

Product in the Marketing Exchange (continued)

Marketing Exchange
short-term purchase to long-term relationship customer satisfaction and loyalty

Types of Products
Distinguish Categories - convenience, shopping, and specialty - marketing goal and activities

Types of Products (continued)

Low involvement vs. high involvement
channels of distribution promotion

Differences in Marketing Products and Services

Tangibility - definition - attributes Search, Experience, and Credence - definitions - examples - categorizing goods and services

Perishability
Separation of production and consumption - definition - differences - nature of interaction - examples

Variability
Variability of Services - definition and example - self-service

Check Your Understanding

Product Definition and Competition

Core Business vs. Value-Added Services - proportion of goods and services - difference between core business and value added services - consumer expectations and satisfaction

Dynamic Strategies
Core Business and Industry - effects of change - effects of competition - definition of core business - informative - recognize all competitors

Product Lines Breadth and Depth

Product lines - larger portfolio considerations - width and depth - diversification and strategic approach importance

Summary
Role of a product in the marketing exchange process Convenience, shopping, and specialty Tangibility, perishability, and variability Core business and value-added services Product line breadth and depth Diversification and strategic approach to new product line development