Marketing:: Marketing Strategy Developed Business Customers Attempts

Marketing:
The process by which company creates value for customer and builds a profitable
relationship with them.
Needs:
States of felt deprivation.
Wants:
The form human needs take as they are shaped by culture and individual
personality.
Demand:
Human wants that are backed by buying power.
Production concept:
The idea that consumers will favor products that are available and highly
affordable and that the organization should therefore focus on improving
production and distribution efficiency.
Product concept:
The idea that consumers will favor products that offer the most quality,
performance, and features and that the organization should therefore devote its
energy to making continuous product improvements.
Selling concept:
The idea that consumers will not buy enough of the firms products unless it
undertakes a large-scale selling and promotion effort.
Marketing concept:
A philosophy that holds that achieving organizational goals depends on knowing
the needs and wants of target markets and delivering the desired satisfactions better
than competitors do.
Holistic Marketing:
A marketing strategy that is developed by thinking about the business as a whole,
its place in the broader economy and society, and in the lives of its customers.
It attempts to develop and maintain multiple prospective on the companys
commercial activities
Product:
Product is anything that can be offered in a market for attention, acquisition, use,
or consumption that might satisfy a need or want.
Characteristics:
Core benefit
Basics
Expected
Argumented
Potential
Experiences:
It represents what buying the product or service will do for the customer.
Product Classification:
1. Consumer product
2. Industrial product
Consumer Product:
Consumer products are products and services for personal consumption.
Convenience Product:
Convenience products are consumer products and services that the customer
usually buys frequently, immediately, and with a minimum comparison and
buying effort.
Example:
Newspapers
Candy
Fast food
Shopping Product:
Shopping products are consumer products and services that the customer
compares carefully on suitability, quality, price, and style
Example:
Furniture
Cars
Appliances
Specialty Product:
Specialty products are consumer products and services with unique

characteristics or brand identification for which a significant group of buyers
is willing to make a special purchase effort
Example:
Medical services
Designer clothes
High-end electronics
Unsought Product:
Unsought products are consumer products that the consumer does not know
about or knows about but does not normally think of buying.
Example:
Life insurance
Funeral services
Blood donations
Industrial Product:
Industrial products are products purchased for further processing or for use in
conducting a business.
Capital items:
Capital items are industrial products that aid in the buyers production or
operations
Materials and parts:
Materials and parts include raw materials and manufactured materials and
parts usually sold directly to industrial users
Supplies and services:
Supplies and services include operating supplies, repair and maintenance
items, and business services
Product Decision Making:
Individual product decisions required can be sorted into five categories or stages.
Firstly, we look at product attributes. Branding and packaging follow. The
individual product decisions are completed by labeling and product support
services.
1. Product Attributes:
Product Quality:
One element of the product attributes is the quality of the product.
Although quality can be defined in many ways, we can define it as the
characteristics of a product or service that determine its ability to satisfy the
customer needs. Therefore, the quality is one of the most important
individual product decisions. It has a direct impact on the products (or
services) performance. It is directly linked to customer value and
satisfaction. So, we could say: Quality is when the customer is satisfied and
will come back, while the product does not (come back).
Product Features:
Another product attribute that is highly important for the individual product
decisions is that of the product features. Obviously, we can offer a product
with varying features. A low-level model, without any extras, or a high-level
model, with a lot of features. In fact, product features can be seen as a
competitive tool for differentiation. By features, we can differentiate our
product from competitors products.
Product Style and Design:
Individual product decisions also include the product style and design.
Clearly, we can add customer value by means of a distinctive product style
and design. While style describes the appearance of the product, design goes
deeper. Good design does not only contribute to the products look, but also
to its usefulness. In order to find the right product design, marketers should
investigate how customers will use and benefit from the product.
2. Branding:
Branding is one of the most crucial individual product decisions. Today,

people do not buy a product they buy a brand. A brand is a name, term,
sign, symbol, design or a combination of these elements that identifies the
products or services of one seller and differentiates them from those of
competitors.
Example:
Look at Coca-Cola. If you buy a bottle of coke, you do not only buy the pure
beverage, you buy the brand. You buy it because you know and value the
worldwide-known brand.
3. Packaging:
Going on with the individual product decisions, we land at packaging.
Packaging refers to activities of designing and producing the wrapper or
container for a product. The packaging of a product is a more important
decision than you would expect it to be. Traditionally, the primary function
of a package was to hold and protect the product. However, packaging is
nowadays an important marketing tool, too. This is a result of increased
competition and offer of products. Packaging must now perform many tasks,
which include attracting attention, describing the product, and even making
the sale.
4. Labels:
Labels perform several functions and are therefore one of the important
individual product decisions. The most straight-forward function is to
identify the product or brand. But the label can also describe several things
about the product: who made it, where and when was it made, the contents,
how it is to be used etc. Finally, the label can promote a brand. It supports
the brands positioning and may help to connect with customers. By a brand
logo, the label can add personality to a brand and contribute to the brand
identity.
Product Line Decision:
A group of products that are closely related because they function in a similar
manner, are sold to the same customer groups, are marketed through the same type
of outlets, or fall within given price range.
Line Filling:
A business strategy that involves increasing the number of products in an

existing product line to take the advantage of marketplace gaps and reduce
competition.
Line Stretching:
Line stretching is an expanding strategy by a company where the new
products are launched in the same product line but beyond the current
product range with some additional or different features.
Product Mix Decision:
Product mix consists of all the products and items that a particular seller offers for
sale.
Width:
The number of product line in product mix is called Width.
Length:
Number of product existing in your product mix is called Length.
Depth:
The number of product exist in the product line is called Depth.
Consistency:
Consistency refers to how closely related the product lines are in terms of
end use, production requirements, distribution channels or any other way.
Branding Strategy:
Brand strategy is a long-term plan for the development of a successful brand in
order to achieve specific goals.
Brand Equity:
An additional income adds to your product after making it as brand is called Brand
Equity.
I.
Brand Positioning: The brand`s positioning is the place in the consumers

mind that you want your brand to own. It is the benefit you want your
consumer to perceive when they think of your brand. A strong brand position
means that the brand has a unique, credible and sustainable position in the
mind of the consumer.
Attributes.
Benefits.
Beliefs and values.
II.
Brand Name Selection:

Suggest benefits and qualities
Easy to pronounce, recognize and remember
Distinctive
Extendable
Translatable for the global economy
Capable of registration and legal protection
III.
Brand Sponsorship:

Marketing:: Marketing Strategy Developed Business Customers Attempts

Uploaded by

Copyright:

Available Formats

Marketing:: Marketing Strategy Developed Business Customers Attempts

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Marketing:: Marketing Strategy Developed Business Customers Attempts

Uploaded by

Copyright:

Available Formats

Marketing:

Specialty products are consumer products and services with unique

Branding is one of the most crucial individual product decisions. Today,

A business strategy that involves increasing the number of products in an

Brand Positioning: The brand`s positioning is the place in the consumers

Brand Name Selection:

You might also like