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Foundations of Marketing 7th Edition by William Pride,Ferrell
Edition 7ISBN: 978-1305405769Foundations of Marketing 7th Edition by William Pride,Ferrell
Edition 7ISBN: 978-1305405769 Exercise 2
Successful companies develop strategies for marketing their products. The strategic plan guides the marketer in making many of the detailed decisions about the attributes of the product, its distribution, promotional activities, and pricing. A clear understanding of the foundations of marketing is essential in formulating a strategy and in the development of a specific marketing plan. To guide you in relating the information in this chapter to the development of your marketing plan, consider the following:
What benefits will your product provide to the customer? How will these benefits play a role in determining the customer value of your product?
The information obtained from these questions should assist you in developing various aspects of your marketing plan found in the "Interactive Marketing Plan" exercise at www.cengagebrain.com.
What benefits will your product provide to the customer? How will these benefits play a role in determining the customer value of your product?
The information obtained from these questions should assist you in developing various aspects of your marketing plan found in the "Interactive Marketing Plan" exercise at www.cengagebrain.com.
Explanation
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Benefit of any product for the customers is what the product does it for them. Customers do not consider how the product functions. Their primary concern is the satisfaction which they would receive by using the product. For example, people use mobile phones because of the benefit it provides to the customers and are not concerned about the amazing technology which enables these benefits.
The product which is chosen as an example for answering this question is washing machine. The primary benefit of a washing machine is to clean clothes. Core or primary benefit is the fundamental or basic benefit which the product provides to the customers for satisfying their demands.
Customer value can be defined as benefits which consumers derive from a product or service in comparison to its cost. Consumers buy benefits and therefore the marketers must determine the benefits which the customers want and the price which they are ready to pay for those benefits. The benefits of a product help the marketers in measuring the cost of the product.
There could be some other benefits also which a customer can derive from a same product. For example, some other benefits of washing machine could be water saving, time saving and energy saving. This adds value to the product.
The product which is chosen as an example for answering this question is washing machine. The primary benefit of a washing machine is to clean clothes. Core or primary benefit is the fundamental or basic benefit which the product provides to the customers for satisfying their demands.
Customer value can be defined as benefits which consumers derive from a product or service in comparison to its cost. Consumers buy benefits and therefore the marketers must determine the benefits which the customers want and the price which they are ready to pay for those benefits. The benefits of a product help the marketers in measuring the cost of the product.
There could be some other benefits also which a customer can derive from a same product. For example, some other benefits of washing machine could be water saving, time saving and energy saving. This adds value to the product.
Foundations of Marketing 7th Edition by William Pride,Ferrell
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