Units 6-9
8/7/2014 1
, C8 Marketing Management Part A
• Unit 6 - Product Management
• Unit 7 - Pricing Strategies
C8 Marketing Management Part B
• Unit 8 - Distribution Decisions
• Unit 9 - Role of Marketing Communications
8/7/2014 2
, Unit 6 – Product Management
We buy products to acquire the benefits which they offer to
us.
– We buy washing machine because we need speedy
washing of clothes, not because we like washing machine.
Marketer should be able to distinguish between the features
of a product and its benefits.
Features – describe the characteristics of a product
– A business loan has the feature of fixed rate of interest.
Benefits – value which its features provide to a customer.
- The feature of a fixed rate of interest gives this type of
business loan account the benefit of predictable
repayment amounts.
A Product is a solution to a problem
8/7/2014 3
, Nature of Products & Services
Theodore Levitt description of product.
A total product is made up of the following
characteristics:
– The physical product or service
– The expected product
Includes price, packaging, availability, after sales etc
– The augmented product
Ability to differentiate the product through added
benefits
– The potential product
8/7/2014 – Ultimate combination of product and service 4