Creating Customer Value: Product to Experience

The foundation for marketing mix planning is the market offering; It includes the products, services, and experiences created for the customers. Customers …

A product's value extends beyond its physical attributes or fundamental service elements. In marketing, a product is viewed on three levels: core, …

Marketers must understand the types of products and services they create to develop effective marketing mix strategies tailored to consumer needs and …

Consumer goods are marketed differently based on the type of consumer products and associated purchasing behaviors. For example, in the confectionery …

Businesses aim to develop products or services that fulfill customer needs at an acceptable price. It involves critical pre-development decisions that …

A product line is a group of related products manufactured by a single company, often sharing similar functionalities, targeted at specific demographic …

A product mix, or product portfolio, is a complete assortment of product lines that a company offers to its customers. For instance, P&G maintains ten …

Branding involves crafting a unique identity for a company or product. It encapsulates a company's reputation and perception in the consumer's …

A brand is a company's distinctive identity, comprising elements such as name, logo, symbol, characters, and slogans. For example, Airbnb's …

There are five brand development strategies. These are: Line Extension which is about companies expanding their product line with new variants, flavors, …

Packaging involves designing and creating a product's container or wrapping to protect the product, facilitate its handling and storage, and enhance …

Services such as banking or healthcare are intangible economic activities that businesses offer consumers. Four distinct characteristics differentiate …

Services marketing refers to planning and executing strategies to promote and sell services. The unique characteristics of services pose distinct …

New Product Development, or NPD, is a business process that involves the conceptualization, design, development, and marketing of entirely new products or …

The new product development or NPD process is a systematic, phased approach to creating and introducing innovative offerings to the market. It consists of …

The NPD is a seven-stage process. To illustrate the process, let's consider creating a new snack, a flavored pretzel bite. The process begins with …

The diffusion of innovation theory outlines how, why, and at what rate new ideas, products, or technologies spread among consumers. It categorizes …

The Product Life Cycle or PLC curve aids marketers in strategizing, optimally allocating resources, anticipating market trends, and making timely …

A brand portfolio represents all brands under a company, while a product portfolio comprises all products under these brands. Brand and product portfolio …