Chapter 2
Creating Customer Value: Product to Experience
The marketing landscape has transformed from focusing on products and services to emphasizing customer experiences. This shift is driven by the…
Philip Kotler introduced the concept of three levels of a product.
Core Product is the fundamental benefit or solution consumers buy when…
Marketers need to understand the significance of different types of consumer products - convenience, shopping, specialty, and unsought products as…
Understanding the marketing considerations for different types of consumer products - convenience, shopping, specialty, and unsought - is vital for…
Business decisions regarding product attributes, branding, packaging, labeling, and product support services are crucial in marketing. They help…
A product line refers to a group of related products sold by the same company under a single brand. Companies create a product line to leverage brand…
A product mix refers to the total assortment of products that a company offers for sale. It encompasses four dimensions:
• width (number of…
Branding is a pivotal aspect of marketing because it fosters recognition, differentiates products and services from competitors, and builds consumer…
A brand is a unique design, sign, symbol, or combination employed in creating an image that identifies a product and differentiates it from its…
Brand development strategies are systematic plans businesses use to establish and enhance their brand's presence in the market.
Line extensions,…
Packaging and labeling play a vital role in the market, significantly influencing consumer behavior and purchase decisions.
Packaging is a protective…
Services are intangible activities or benefits provided by one party to another, often occurring through applying skills and knowledge. Services are…
Service marketers face challenges due to the unique characteristics of services.
Intangibility makes it hard to communicate about services, requiring…
New Product Development (NPD) is a critical activity for businesses aiming to maintain competitiveness and foster growth. The factors driving the…
The new product development (NPD) process typically consists of seven key stages:
Idea Generation- In this stage, ideas come from various sources,…
The New Product Development (NPD) process drives innovation, competitiveness, and company growth across all sectors. The application of this process…
The Diffusion of Innovation theory, proposed by Everett Rogers, explains how, why, and at what rate new ideas and technology spread through cultures.…
The Product Life Cycle (PLC) curve is a powerful tool marketers use to manage a product's life and make strategic decisions. It has four…
The Growth Share Matrix is a strategic tool for managing brands and product portfolios. Based on market growth rate and market share, it categorizes…
