UNIVERSITY OF COLOMBO FACULTY OF GRADUATE 科伦坡大学研究生院.pptVIP

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SRI LANKA POSTGRADUATE DIPLOMA IN BUSINESS MANAGEMENT MARKETING STRATEGY SETTING PRODUCT STRATEGY HAFEEZ RAJUDIN SETTING PRODUCT STRATEGY Marketing Planning begins with formulating an offering to meet target customers’ needs and wants. The customer will judge the offerings by three basic elements: Product Features and Quality. Services Mix and Quality. Price COMPONENTS OF THE MARKET OFFERING Attractiveness of the Market offering Value-based prices Product features and quality Services mix and quality Product Characteristics and Classifications Definition of Product: “ A product is anything that can be offered to a market to satisfy a want or need.” Products that are marketed include: physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas. Product Levels: The Customer Value Hierarchy Potential Product Augmented Product Expected Product Basic Product Core Benefit Product Levels: The Customer Value Hierarchy Core Benefit: the service or benefit the customer is really buying e.g. a hotel guest is buying “rest and sleep” . The purchaser of a drill is buying “holes”. (Marketers should see themselves as benefit providers) Product Levels: The Customer Value Hierarchy Basic Products: at the second level Marketers has to turn the core benefit into a basic product. Thus a hotel room includes a bed, bathroom, towels, desk, dresser and closet. Product Levels: The Customer Value Hierarchy Expected Product At the third level the marketer prepares an EXPECTED PRODUCT, a set of attributes and conditions buyers normally expect when the purchase a product. e.g. hotel guest expect a clean bed, fresh towels, working lamps, and a relative degree of quite. Product Levels: The Customer Value Hierarchy Augmented Product: At the fourth level the marketer prepares an augmented product that exceeds customer expectation