Product is a set of benefits that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or a need.
Offering core benefits to the customer.
It is a feature that delivers core values.
For example packaging, brand name, features, design
It is the things built into the item to differentiate your product from others. Such as warranty, after services
For example BMW car
Core PL- transportation
Actual PL – brand, stated symbol
products and services bought to final consumers for personal use.
For example: cake
This type of goods is purchased frequently and immediately with little planning. So purchasing effort is low.
Price – low
Distribution – readily available when customers need to buy them
Promotion – they conduct the mass promotion
For example: Toothpaste, newspapers
They do less frequent purchases. Also, do much planning and shopping effort. So do a comparison of brands on price, quality, and style.
Price – high
Distribution – selective distribution. So fewer outlets in one area
Promotion – Do advertising and personal selling
For example Home appliances, clothing
Buy products based on brand preferences and loyalty. Make a special purchase effort. So price sensitivity is low. Because of that, customers do a little comparison of brands.
Price – higher price
Distribution – only available in special outlets
Promotion – more careful targeted selling
For example: luxury goods, jewellery
They have little awareness and knowledge about it. If even aware, they have little or negative interest.
Price – varies. It depends on the types of product
Distribution– varies
Promotion – Aggressive personal selling and advertising.
For example: Insurance policies
products and services purchased for further processing or for use to conduct a business.
This has 7 types. They are,
It is an ability of a product to perform its functions including such as overall durability, reliability, ease of operation, and other valid attributes.
This is consistency. Also closely linked to customer value and satisfaction.
This decision adding values is the most effective way to complete. So each features value to customers versus its cost to the company.
Design is the appearance of the product. The distinctive style will grab my attention. It should begin with the customer’s needs and wants.
Brand
Name, term sign, symbol or design, or a combination intended to identify goods or services of a seller and differentiate it from competitor’s products.
It is a wrapper or a container.
packaging includes;
Labeling
Here, Identifies the item or brand.
Also, describe the product. ( who made it, where it was made, how should be used)
Provide promotional and design elements.
Adhere to legal and ethical issues. Because legal restrictions impact packaging.
It is after services. For example, fast and reliable delivery, quick instructions, technical information, and advice, repairing, and so on.
This is a major tool for competitive advantage. It helps to enhance the goodwill of the company. Because customers give positive feedback. Basically, it designs for target customer needs.
International marketing means any marketing activity that occurs across national borders to meet the requirement of the customers.
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