#7) What is a Product?
penetration
LOW PRICE, HIGH QUALITY
Economy
-LOW PRICE, LOW QUALITY
support service components
-Repair and maintenance -installation -instruction -deliveries -warranty -spare parts -legal
Three Groups of components of a product
-core -marketing -support service
What is a product?
-more than a physical item: bundle of satisfaction the buyer receives -perceived value -physical attributes contribute to the primary function of the product
marketing components
-price, quality, packaging, style, brand, trademark, name/logo, legal
core components
-product platform -design featrues -functional features -legal
Product Portfolio Strategy Matrix
For pricing your product on globally in different segments and target groups
premium
HIGH PRICE HIGH QUALITY
skimming
HIGH PRICE, OKAY QUALITY