1.6.

2 Product or Market Offerings

Companies or marketers address the needs of people by

putting forth a product. People satisfy their needs and wants with
products or offerings. The offering is also called value proposition
which means a set of benefits that they offer to customers to satisfy
their needs. The intangible value proposition is made tangible by
the offering. The basic types of offerings are goods, services,
experiences, events, and information.
The term brand signifies an offering from a known source. A
brand name such as KFC carries many associations in people’s
mind that make up the brand image. All companies strive to create
a strong brand image in the minds of the consumer.

1.6.3 Customer Value and Satisfaction

The product or offering will be successful if it delivers value

and satisfaction to the customer. Value reflects the sum of the
perceived tangible and intangible benefits and costs to the
customers. The buyer chooses between different offerings on the
basis of his/her perception of value. Value is, therefore, the ratio
between what the customer gets and what he gives. Value is a
central marketing concept and primarily is a combination of quality,
service and price, also called the “customer value triad”.

Satisfaction reflects a person’s judgements of perceived

performance of a product in relationship to expectations. If the
performance matches the expectations, the customer is satisfied.
If the performance falls short of expectations, the customer is
dissatisfied. And when performance exceeds expectations, the
customer is delighted.