Reference no: EM133201766
Assignment: Customer Value Hierarchy and Product
Textbook: A Framework for Marketing Management by Philip Kotler and Kevin Lane Keller, Sixth Edition. ISBN 978-0-13-387131-9.
Chapter 9
I. Provide a definition for these terms: Product, Customer-value hierarchy, Core benefit, Basic product, Expected product, Augmented product, Potential product, Convenience goods, Shopping goods, Specialty goods, Capital items, Product mix, Width, Depth.
1. A product is any item offered in the market mainly to satisfy needs or wants.
2. Customer-value hierarchy is a five-product level that marketers need to address when planning an offering (Kotler & Keller, 2016).
3. Core benefit is the underlying need or wants that a customer meets when buying a product.
4. Basic products are products intended for specific purposes obtained from core benefits.
5. Expected products are features customers expect when buying a product.
6. Augmented products are extra attributes or services beyond customer expectations (Kotler & Keller, 2016).
7. Potential products consist of augmentation and improvement in products in the future.
8. Convenience goods are goods purchased regularly, quickly, and with little effort.
9. Shopping goods are goods consumers compare based on price, suitability, quality, and style.
10. Specialty goods are items with distinct characteristics or brand identities that a large number of people are eager to purchase.
11. Long-lasting commodities that aid in developing and managing finished goods are known as capital items (Kotler & Keller, 2016).
12. A product mix is a collection of things or products available for purchase.
13. The width of the product is different product lines a business offers.
14. Depth is the number of variants offered in each product line.
II. Provide a real-world example for 5 of the terms from question 1.
1. Product- the best example of a product is a loaf of bread
2. Core product- lipstick makes the buyer look attractive.
3. Convenience goods include soaps and tissues.
4. An example of specialty goods is luxury cars.
5. Capital items include buildings, machinery, and equipment.
III. Think of a product sold by Best Buy. For this product, identify its product levels in the customer-value hierarchy: core benefit, basic product, expected product, and augmented product. Describe a "potential product" for the product you selected.
The tablet is the best product that consists of augmented features. The "potential product" in a tablet is that its augmented product is the warranty, and the improvement in the tablet is that the new model can be made faster using the latest processing systems and also has a wide variety of new features. These two features bring about the characteristics of a potential product.
IV. Define each stage in the product life cycle: introduction, growth, maturity, and decline. For each stage, explain the marketing strategy used and name a product currently in this stage.
1. Introduction- comprises advertising and a marketing strategy to promote the product and its benefits. A business uses a content marketing strategy. The best example is the Apple iPhone.
2. Growth stage- successful product leads to growth and is characterized by increasing demand, production, and availability (Kotler & Keller, 2016). The strategy used here is marketing campaigns, for instance, Google TESLA.
3. Maturity-it is a profitable stage, and production and marketing costs drop. The best example here is Coca-Cola and its use of the differentiation strategy.
4. Decline: here, companies imitate a product's success and competition increases. The product's sales may drop. The best example of a product here is Telegram. The company can use a marketing strategy to avoid the decline stage.
Chapter 13
I. Provide a definition for the following terms: Retailing, Private-label brand, Generics, Wholesaling, Supply chain management, Market logistics.
II. Provide a real-world example for 5 of the terms from question I.
III. Explain 9 functions that a wholesaler provides.
IV. Retailer Marketing Decision. Assume you are opening a new coffee shop in your town. (1) Who is your target market? Why? (2) What will be your product assortment? Why? (3) What services will you offer? Why? (4) What will your shop's atmosphere be like? (5) What activities or experiences can you provide to entice people into your shop? (6) Where will your shop be located? (7) How will you communicate with your target market?
Chapter 14
I. Provide a definition for the following terms: Marketing communications, Marketing communications mix, Advertising, Sales promotion, Event & experiences, Public relations & publicity, Online & social media marketing, Mobile marketing, Direct & database marketing, Personal selling, Creative strategies, Informational appeal, Transformational appeal.
II. Provide a real-world example for 5 of the terms from question 1.
III. Select a company and use Google Images to find examples of the company's print ads and online display ads. State how the ads are consistent, such as common colors, font, tagline, etc. Could you improve upon the consistency of the marketing communications?
IV. Using the same company from question 3, list all the possible places consumers interact with the brand, such as employees and packaging.
Chapter 16
I. Provide a definition for the following terms: Paid media, Earned media, Paid search, Display ads or banner ads, Social media, Viral marketing.
II. Provide a real-world example for 5 of the terms from question 1.
III. Creating word-of-mouth buzz. Suppose you are the marketing person for a new brand of dog products. Explain the 5 ways you can stimulate buzz about your brand. Be specific in how you would use each of the 5 ways to create buzz about dog products. For example, provide samples to veterinarians (key people).
IV. Think of a marketing campaign that generated buzz. Why do you think it was successful?
Chapter 18
I. Provide a definition for the following terms: Indirect and direct export, Licensing, Joint ventures, Direct investment, Straight extension, Product adaptation, Communication adaptation, Dual adaptation, Price escalation, Gray market, Sustainability, Cause-related marketing.
II. Provide a real-world example for 5 of the terms from question 1.
III. Explain the 3 parts of corporate social responsibility: legal, ethical, and social responsibility. Provide real company examples for each part.
IV. McDonald's sponsors Ronald McDonald House Charities. Why types of cause-related marketing does McDonald's do? Do you think this marketing has improved the image of McDonald's? What type of feelings does the marketing evoke? How might consumers be more engaged with McDonald's as a result of their sponsorship?