10 |
Product |
10.1 Defining the product
A diverse range of products/services and markets calls for different marketing mixes. A product is the central focus of the marketing mix as this is what is delivered to the consumer. Product and service are interchangeable words in the context of this discussion and this is what gives satisfaction to consumers, fulfilling the overall aim of marketing. Product strategy is concerned with how the product is presented to the consumer, how it will be perceived.
Customers pay for something specific and identifiable, but this also includes promotion, availability and perceived value. This is termed a bundle of satisfactions that are both tangible and intangible (see Figure 10.1). This broad view of the product/service ...
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