What Is a Product?
Objective 12-1 Explain the definition of a product as a value package and classify goods and services.
In developing the marketing mix for any product, whether goods or services, marketers must consider what customers really want when they purchase products. Only then can these marketers plan strategies effectively. We begin this section where product strategy begins: by understanding that every product is a value package that provides benefits to satisfy the needs and wants of customers. Next, we describe the major classifications of products, both for consumers and organizations. Finally, we discuss one of the most important decisions faced by any business: its product mix.
The Value Package
Whether a product is a physical ...
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