8 Reviewing and Extending the Concepts

Objectives Review and Key Terms

Objectives Review

A product is more than a simple set of tangible features. Each product or service offered to customers can be viewed on three levels. The core customer value consists of the core problem-solving benefits that consumers seek when they buy a product. The actual product exists around the core and includes the quality level, features, design, brand name, and packaging. The augmented product is the actual product plus the various services and benefits offered with it, such as a warranty, free delivery, installation, and maintenance.

Objective 8-1 Define product and describe the major classifications of products and services. (pp 220225)

Broadly defined, a product ...

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