In general, a product is defined as a ‘thing produced by labor or effort’ or the ‘result of an act or a process’. In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retail, products are called merchandise. In manufacturing, products are purchased as raw material and sold as finished goods. In economics, product can be classified into goods and services. Goods are a physical product capable of being delivered to a purchaser and involve the transfer of ownership from seller to customer. Goods are items that are tangible, such as books, pens, hats, shoes etc. Services are activities provided by other people, such as doctors, lawn care workers, dentists, barbers, and waiters or online servers. …show more content…
A good is a consumable item that is useful to people but scarce in relation to demand, so that human effort is required to obtain it. Goods may increase their utility directly or indirectly and may be described as having marginal …show more content…
Goods can be returned while a service once delivered cannot. Most business theorists see a continuum with pure service at one endpoint and pure commodity goods at other. For example, a restaurant provides a physical good like prepared food, but also provides services in the form of ambience, the setting and cleaning of the table etc. product features are characteristics of product that describe its appearance, components, and capabilities. A product feature is a slice of marketing strategy that highlights benefits or set of benefits for that product’s end user and features should be added based on quantifiable ways that they will add value foe the product’s end user. Customer satisfies their needs and wants, by knowing the benefits of the respective products and services. The factors of satisfaction can be: actual factor or perceived factor. This satisfies what a customer needs or wants. Feature never attract customers to buy product but their product benefits weigh in and give meaning to features, showing customers something-of-value in return of buying the
The characteristics of a service are intangible, inseparable, perishable, heterogeneous and lack ownership. The marketing mix of a service is not perceptible and as the features of a service is distinctive to the features of a product, it has additional elements which are process, people and physical evidence.
Close to the Customer: Customer satisfaction is very important throughout all the roles that the business plays. Many companies forget about their customers, whereas successful companies have an obsession with their customers. Excellent product quality and reliability will make a satisfied customer. Great service will keep the customer coming back.
What is product? Product can be anything, tangible and intangible. Product is anything that the company can offer to the consumer. Apple’s products are the best of service in the market. From computer to smartphone to tablet computer, today customer believe that if they get the apple product. Even that price is high also worth it. Apple products are usually high quality, so in some case that is the best of available device for customer. However, it is not perfect, many customers leave for a series of problems, so they deeply hurt.
emerging or new market. It can originate from new technology or new market opportunities (Eliashberg, J., Lilien, G. L., & Rao, V. R. 1997). Literature defines product development as exploiting an untapped market opportunity and turning it into a value product for customer satisfaction. Development and introduction of a new product requires extensive research on understanding customer needs, market structure, emerging trends and analysing the internal & external competitive market environments. To evaluate customer satisfaction previous researches provide strong relationship between customer satisfaction and product quality, product features and value for money. ***
Many scholars believe that customer satisfaction has a crucial role in the success of a business, and is pivotal in increasing the overall profitability of the business (Kotier, 1991). Customer value is gained through the experience they receive from the goods or purchases they have obtained from a certain business. Customer value has various definitions and concepts, Holbrook (1999) stated that it is a kind of “interactive, mutual, and preferred experience”; but simply said, “the term customer value has many meanings.”
Know the problems of your customers and what they are looking for, then offer them the right products and outline the benefits to them. Most of the time, customers do not care about your product or its features. They care about what your product does for them. Therefore, do not just list the features of what you offer, but rather add the benefits of your products or anything you offer to your targeted audience (your customers or visitors). This is a very effective element for Customer satisfaction.
According to the customer value triad theory by Earl Naumann, “value is a combination of quality, service and price” (Naumann, 1995). In this case quality could be defined as performance quality, the objective quality of a product (Kotler & Keller, 2012). A product with high performance quality, increases the value of a product. The value of a product is furthermore positively influenced by the service that is delivered (Kotler & Keller, 2012). The price however, can both positively and negatively influence the value of a product. A high price will in most cases decrease the value, but for some exclusive and luxury goods, a high price increases the value. The exclusivity, which is of intangible nature, is than one of the most important determinants of the value of the product. For most normal goods however, the objective quality is the prime determinant of the value. Although intangible benefits can be important in determining the value of a product, in most cases it is still the tangible benefits and costs, the objective quality and the price.
2. An aggregate of functions involved in moving goods from producer to consumer. • Marketing Definition From MSN Encarta Dictionary the business activity of presenting products or services to potential customers in such a way as to make them eager to buy. Marketing includes such matters as the pricing and packaging of the product and the creation of demand through advertising and sales campaigns.... ... middle of paper ...
Product differentiation is a concept first proposed by Edward Chamberlain in 1933. He put forward the idea that it was possible to distinguish one product from another in the mind of consumers, and that in doing so businesses could make products more attractive to a target market. During the early 20th century, as businesses became larger, advertising was increasingly used to communicate product differentiation to the masses.
... all the existing meanings and definitions of brands are provided. The history and evolution of brands are also looked upon.
“Product: The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user 's needs and wants. The scope of a product
Service Quality: This dimension is the last and final factor of the value it appears when the customer has made up his mind to purchase a product or service. Service quality decides the relationship between the customer and the store.
Beauty product can be defined as cosmetics; materials and devices made and sold for the purpose of enhancing the physical attractiveness of users or in other words, as any product, especially a cream or lotion, intended to improve a person's appearance . We live in society where people nowadays are very obsessed with beauty and spending so much money on beauty products. Since we were children, the society taught us that beauty is happiness, wellness and everything. This creates a mindset that only attractive physical appearance is beauty, even though ‘beauty’ is a very subjective word where it can apply to many things. It is a rare sight these days to
All humans are exposed to branding and marketing on a daily basis. Commercials, internet ads, t-shirts, television shows. In today’s fast moving society, we’re constantly bombarded by the marketing and branding practices of businesses. As a new business owner, it can be daunting to step from being the observer to a creator of marketing and branding.
The term 'branding' in modern marketing is generally originated in the agricultural practices of the medieval age. The farmers 'branded' their animals with the iron and then they were able to identify to whom a particular animal belonged. Artisans 'branded' their products, for example, expensive silver tableware. Smiths 'branded' their swords. The role of the brand is to identify products by the same way as for medieval farmers and for modern corporations as well.