when product is defined in a marketing context, it is _________. course hero

What is trial purchase?

Trial purchase is the focus of a product launch marketing plan.

Do different target markets view the same product in completely different ways?

Different target markets will view the same product in completely different ways .

What is the goal of marketing?

Furthermore, our goal as marketers is to create a profitable exchange for consumers. By profitable, we mean that the consumer’s personal value equation is positive. The personal value equation is

What are the components of marketing?

The traditional way of viewing the components of marketing is via the four Ps: 1 Product. Goods and services (creating offerings). 2 Promotion. Communication. 3 Place. Getting the product to a point at which the customer can purchase it (delivering). 4 Price. The monetary amount charged for the product (exchanging).

What is marketing orientation?

Value varies from customer to customer based on each customer’s needs. The marketing concept, a philosophy underlying all that marketers do, requires that marketers seek to satisfy customer wants and needs. Firms operating with that philosophy are said to be market oriented. At the same time, market-oriented firms recognize that exchange must be profitable for the company to be successful. A marketing orientation is not an excuse to fail to make profit.

What devices can be used for mobile marketing?

Mobile devices, like iPads and Droid smartphones, make mobile marketing possible too. For example, if consumers check-in at a shopping mall on Foursquare or Facebook, stores in the mall can send coupons and other offers directly to their phones and pad computers.

How does marketing deliver value?

Value is delivered in part through a company’s supply chain. The supply chain includes a number of organizations and functions that mine, make, assemble, or deliver materials and products from a manufacturer to consumers. The actual group of organizations can vary greatly from industry to industry, and include wholesalers, transportation companies, and retailers. Logistics, or the actual transportation and storage of materials and products, is the primary component of supply chain management, but there are other aspects of supply chain management that we will discuss later.

What does value mean in business?

In other words, value is what the customer gets by purchasing and consuming a company’s offering. So, although the offering is created by the company, the value is determined by the customer.

What is delivery in marketing?

Delivering. Getting those offerings to the consumer in a way that optimizes value.

What is the first component of a marketing plan?

1. Market research and analysis: The first component of a marketing plan allows you to gather pertinent information about the potential market for your product (s) and/or service (s), evaluate strengths and weaknesses, and identify a target audience.

What is a marketing plan?

Marketing should always begin with a thorough marketing plan, which allows you to evaluate the market potential for your products or services and develop strategies to meet that potential. A complete, written marketing plan contains seven main components: 1.

What is the purpose of the marketing mix?

Marketing mix: The marketing mix component of a marketing plan describes the specific strategies you will implement to reach your target audience, entice the target audience to spend their money, and create a desire in them to return to your enterprise. ...

What is product in marketing?

Definition of Product. “Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. It includes physical objects, services, persons, places, organizations and ideas”. Kotler, Wong, Saunders, Armstrong.

What is a product?

We can define a product anything – goods, services and ideas – that can be offered in a market to satisfy customer needs and wants. A product has a bundle of tangible and intangible characteristics.

What is a product by Philip Kolter?

The above definition of a product by Philip Kolter not only consists tangible product attributes, for example, a car, an office, a book, a mobile device but according to a broader view of a product, its consist ideas, services, physical object, place and even organizations and persons.

What is a service?

Services. A service is an intangible part of a product. It is an action or effort to fulfil a demand or satisfy customer needs. It is unable to store or own it and consumed at a point of sale. For instance, if you visit a doctor, he offers his services to cure a disease.

What are some examples of consumer products?

For instance, you can purchase a bottle of Coca-Cola that can quench your thirst. A good example of a durable product is a bicycle. Once you purchase it and you can use it for a longer period of time.

What is industrial product?

Industrial Products. Industrial products are those products that are purchased for further processing in a manufacturing or business process. The main difference between consumer and industrial product lies in the usage for which it is bought.

What is after physical goods and next levels?

After physical goods and next levels is augmented product that includes after-sales services, installation, warranty. For example, you purchased a split air conditioner, many brands may offer you free installation and one-year warranty. Other bundle of benefits may include an instruction manual, free number to call for a quick repair.

What is product in business?

A product can be defined as- “A good, idea, method, information, object, or service that is the end result of a process and serves as a need or want satisfier. It is usually a bundle of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers to a buyer for purchase.”.

What is the meaning of "product"?

Product – Meaning of Product. A product is something that is manufactured for sale in the market. Customer needs are met by the usage of products. Product is one of the main components of marketing—all marketing activities revolve around the product. Products can be tangible or intangible.

What is the difference between tangible and intangible products?

Tangible products are known as goods while intangible products are called services. The term product can be understood in narrow as well as broad sense. In a narrow sense, it is a set of tangible physical and chemical attributes assembled in an identifiable and readily recognizable form.

What is product in a broader sense?

The term product can be understood in narrow as well as broad sense. In a narrow sense, it is a set of tangible physical and chemical attributes assembled in an identifiable and readily recognizable form . In a broader sense, it recognizes each separate brand as a separate product.

How do organizations address the varied needs of customers?

The organizations address the varied needs of customers by producing a same product at different levels. Each level adds some valuable features in a product. For example, mobile phones come with different features and functions to satisfy the varied needs of customers.

Why is packaging important?

Packaging serves many purposes. It protects the product from damage which could be incurred in handling and transportation and also has a promotional aspect. It can be very expensive. Size, unit type, weight and volume are very important in packaging. For aircraft cargo the package needs to be light but strong, for sea cargo containers are often the best form.

Why do manufacturers have to offer the same features and functions but at lower prices?

Sometimes due to increasing competition in the market, the manufacturers have to offer the product with same features and functions but at lower price.