TAILIEUCHUNG - Product and Brand Management

What is marketing? Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. The process through which VALUE is exchanged. | Product and Brand Management What is marketing Marketing is an organizational function and a set of processes for creating communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. The process through which VALUE is exchanged. What is a product Anything that can be offered to a market for attention acquisition use or consumption that might satisfy a need or want. Product Essentials Product features and benefits Packaging Branding Warranties and guaranties Time to market Lifecycles Levels of product s Core product s Actual product s Augmented product Product Items Lines and Mixes s Product Item- a specific version of a product that can be designated as a distinct offering among an organization s products. s Product Line- a group of closely related product items. s Product Mix- all products that an organization sells. Product Strategy Defines what the organization does and why it exists. It Involves creating a product offering that is a bundle of physical tangible service intangible and symbolic perceptual attributes designed to satisfy customer s needs and wants. It Strives to overcome commoditization. Product Life Cycle Progression of product life stages sales time Diffusion of Innovations Innovators represent the first percent of all individuals who ultimately adopt a new product. They are more venturesome than later adopters more likely to be receptive to new ideas and tend to have high incomes which reduces the risk of a loss arising from an early adoption. Early adopters represent the next 13 to 14 percent who adopt. They are more a part of the local scene are often opinion leaders serve as vital links to members of the early majority group because of their social proximity and participate more in community organizations than do later adopters. The early majority includes 34 percent of those who adopt. These individuals display less leadership than early adopters tend

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