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Product Support Services 13 14. Price- How much the customer pays for the product? Apple's processes in the design of its products are handled through a number of organizational components and officials. F. The goal of value analysis is to find ways of ______. The Service Revolution - The creation of service organizations accelerated sharply after World War II and is still expanding toady. § Describe why your idea is better than existing products or services. Errors in product decisions are legion. Difference between Product and Service Product vs Service People require different services and products to satisfy various needs and wants. Errors in product decisions are legion. Preparing an Effective Business Plan § Mary Ellen Guffey, Business Communication: Process and Product, 6e § Mary Ellen Guffey, Business Communication: Process and Product, 6e § 13 Ch. The stages that a product goes through is the product life cycle. Too many product introductions can risk overburdening the firm's marketing system. For example, a car buyer now buys a comprehensive bundle of service benefits, in addition to the tangible components of the car 1.However, there is a distinct difference between them and it is important to establish some working definitions. To see if your customer service is helping to keep current customers, and attract new ones, there are 10 areas you can check regularly: Products and services information - explaining clearly what you offer. In this regard, it can be observed that the marketers play a pivotal role in marketing different products and services to various targeted customers. Expanding the product line is the second one of the product line decisions. Product line decisions include. Factors Influencing Pricing Decisions: Pricing of a product or service refers to the fixation of a selling price to a product or service provided by the firm. The product process matrix was developed by Robert H. Hayes and Steven C. Wheelwright. How do consumers make decisions? The planning of products and services (the outputs from the system) includes market research to: Clarify the needs and wants of potential groups (market niches) of customers, as well as how those needs and wants might be met with certain products and services. It needs considerable planning and organisation. Service and product are different, however, there is a hybrid called service as a product (SaaP), which combines products and services offering. There is a constant need for a regular review of the range and for elimination decisions to be made where a product is either in its decline stage or simply failing to generate . In the 60s, the term "marketing mix" became familiarized. Price. 2. Individual product & service decisions: This decision involves product attributes, branding , packaging, labeling & support services. A useful tool used by marketers in making product decisions is the product life cycle. These decisions are — development of a new product, expansion or contraction of product mix, improvement in the product, determination of brand, label, packing, color, design, size and price, etc. Product/service description § Explain what you are providing and how it will benefit customers. Cost behavior and forecasting A mix; Substitute Products Substitute Products Substitute products offer consumers choices when making purchase decisions by providing equally good alternatives, thus increasing . Individual product decisions. Product and service design 1. Both 1 and 11. You have limited time to make a profit . Who are the experts? e) Product support services:-these are the services which are provided to the customer after selling the product to the customer like after sale services, installation etc. 13, Slide 13 Market analysis § Discuss . For that reason, making decisions about services and products has been becoming a big challenge for marketers. The Product session is designed to provide you with the knowledge to understand and manage the strategic role of brands and products in generating business results, whilst the focus on Pricing will cover the main concepts and techniques to formulate prices. Products and services are two closely aligned concepts, and, in fact, most products have an element of service in them. considers the many reasons—personal, situational, psychological, and social—why people shop for products, buy and use them, sometimes become loyal customers, and then dispose of them. 1. d) Product labeling: labeling on the product is very essential as it gives the consumer information regarding the manufacturer's name, place, date of manufacturing, expiry date, calories, carbohydrates, nutritional value etc. The goal is to distill who your audience is, what they need, and how your product can uniquely help. 4. It and first published in the Harvard Business Review in 1979, provides organizations with a tool to estimate the progress of a product and its related processes and analyze the fit between a chosen product positioning and its related processes. Overall, price/cost of ownership remains the most influential decision driver, with nearly half of the respondents considering it as one of the top three factors for selecting a product or service. We discuss each in turn. These services augment actual product. Product Decision. Decisions regarding the product, price, promotion and distribution channels are decisions on the elements of the "marketing mix". 5 Non-Product Factors That Influence Purchase Decisions. If that's what you bought into, you're going to be disappointed. Capacity decisions affect operating costs. The product brand, quality of the products and services, prices and packaging of the products, the products' availability in the market, and the promotional strategies employed by the organization's management are some of the factors influencing a consumer's decision to buy some product. 5. Increasingly, managers are 1 Product and Service Design, Chapter 4 made in this . A company can expand its product line in two ways: Line Filling and Line Stretching. Chapter 4 - product and service design.
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