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Anything that can be offered to a market that satisfies a want or need.
Intangible things offered for sale and do not result in ownership.
4 types of consumer products
convenience, shopping, specialty, unsought
Convenience Products
Customers buy frequently, low price, widespread distribution at convenient locations, mass promotion. (laundry detergent and fast food)
Less frequently purchase, higher price, selective distribution, customers compare on quality and style (furniture and appliances)
Unique consumer products with strong brand preference and loyalty, high price, exclusive distribution, targeted promotion (designer clothes and fancy restaurants)
little Product awareness and consideration of buying, price varies (life insurance)
4 types of product marketing offerings
Organization, Person, Place, Social
Organization marketing
shaping public perception of an organization (ex: A university running an ad campaign to promote its reputation and attract students.)
Person marketing
influence how people perceive individuals (ex: politician using social media and PR campaigns to build a positive public image)
Place marketing
Promotes a location to attract tourists, businesses, or residents (ex: "What Happens in Vegas, Stays in Vegas" – Promoting Las Vegas as an entertainment hub)
Social marketing:
marketing strategies to drive positive social behavior changes. (ex: Anti-smoking campaigns or sustainability initiatives encouraging eco-friendly habits)
Product and service attributes are delivered through product…: (3)
Product Quality: Characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
Product Features: a competitive tool for differentiating the company’s product from competitors’ products.
Product Style and Design: Design is a larger concept than style. Style simply describes the appearance of a product.
5 features of an individual product/service
Product and service attributes
branding
packaging
labeling and logos
product support services
What are Product lines
group of related products that work similarly, targets the same customers, are sold in similar stores, and have similar price ranges (ex: apple iphone models)
2 ways to expand a product line:
line filling: adding more items within the present range of the line
ex: new lipstick shade
line stretching: downward (lower end products), upward (premium products) , or both ways
faat food chain adding high end items to the menu
4 types of Product mix decisions
width, length, depth, consistency
product mix width:
How many different product lines a company offers.
Ex: Samsung offers smartphones, TVs, home appliances, and laptops.
Product mix length
The total number of products across all product lines.
Ex: Nike has many products across their shoe line like running shoes, basketball shoes, and soccer cleats.
Product mix depth:
The number of variations within a product line (sizes, colors, flavors, etc.).
Ex: Colgate offers different toothpaste types like Whitening, Cavity Protection, and Sensitive.
Product mix consistency:
How closely related the product lines are in terms of use, production, or distribution.
Ex: Apple maintains consistency by focusing on tech products like iPhones, MacBooks, and iPads.
4 types of service characteristics:
intangibility, variability, perishability, inseparability
Service Intangibility
Services cannot be seen, tasted, felt, heard, or smelled before they are bought. Ex: People undergoing cosmetic surgery cannot see the result before the purchase.
Service Variability
Quality of services depends on who provides them as well as when, where, and how they are provided.
Ex: Some hotels have reputations for providing better service, but one employee may be cheerful while another might be grumpy.
Service Perishability
Services cannot be stored for later sale or use.
Ex: Some doctors charge patients for missed appointments because the service value existed only at that point and disappeared.
Service Inseparability
Services cannot be separated from their providers.
Ex: A restaurant experience is inseparable from the food and service provided by the waitstaff.
Service profit chain:
links service firm profits with employee and customer satisfaction
ex: happy employees → happy customers → higher profits.
Internal service quality
Investing in superior employee selection, training, providing a quality work environment
Satisfied and productive service employees
When employees are satisfied and well-trained, they become more loyal, productive, and engaged in their work.
Greater service value
Satisfied employees deliver higher service quality, leading to more satisfaction from customers, leading to better customer experiences and engagement.
Satisfied and loyal customers
When customers experience superior service, they become satisfied, more likely to return, and may refer others, leading to increased loyalty.
Healthy service profits and growth
Loyal customers generate more sales, and satisfied employees improve overall performance, leading to greater profitability and business growth.
Internal Marketing
Strategy where service firms treat their employees as customers, enhancing customer satisfaction.
Interactive Marketing
The concept where service quality is largely determined by the quality of the buyer-seller interaction that occurs during the service encounter.
ex: BuzzFeed use quizzes to engage customers while collecting useful data on preferences.
External Marketing
Marketing efforts focused on reaching and engaging target audiences outside the organization
ex: ads and sponsors
Brand equity
overall perception of a brand's strength in the market
Brand Value
total financial value of a brand
4 major brand strategy decisions
brand positioning
brand name selection
brand sponsorship
brand development
Three Levels of Brand Positioning:
Attributes: Basic product/service features (e.g., FedEx’s speed and reliability).
Benefits: What the attributes do for customers (e.g., FedEx’s peace of mind with guaranteed delivery).
Emotional Connection: Strong beliefs, values, and feelings
fosters brand loyalty (e.g., Disney’s ability to evoke nostalgia and happiness).
Aspects of a good brand name selection
Suggests product benefits
Easy to pronounce, recognize, and remember
Distinctive and unique
Extendable for future product categories
Translates well into foreign languages
Legally protectable
4 types of Brand sponsorships
National Brands (Manufacturer’s Brands): Sold under the company’s own name (ex: Nike and apple makes and sells their own products)
Store Brands (Private Brands): Created and owned by retailers (ex: kirkland from costco, trader joes)
Licensed Brands: Companies pay to use established brand names, celebrities, or characters (ex: Disney liscences its characters to lego, nfl liscences its logo to nike)
Co-Branding: Two established brands collaborate on a product (ex:Taco Bell & Doritos made a taco) Risks: If one brand’s reputation suffers, the co-brand can be affected.
4 types of brand development
Line extension: Extends existing brand name of an existing product
ex: Coca cola has diet coke, cherry coke
Brand extension: Extends existing brand name with a new product
ex: Apple known for computers extended to smartphones
Multibrands: Same product category extends a new brand name
ex: pepsico owns pepsi, mountain dew, gatorade (all soda competing against eachother)
New brands: New brand name with a new product category
ex: toyota created lexus (diff products so cant compete together)
may create a new brand name when it enters a new product category for which none of its current brand names is appropriate.
Note 
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