1. target markets
    consists of a set of buyers who share common needs or characteristics that the company decides to serve
  2. types of target segments
    undifferentiated (mass) marketing, differentiated (segmented marketing), concentrated (niche) marketing, micromarketing (local or individual marketing)
  3. product's position
    the way the product is defined by consumers on important attributes, the place the product occupies in the consumer's mind relative to competing products
  4. competitive advantage
    an advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices.
  5. product
    anything that can be offered to a market for attention, acquisition
  6. service
    form of products that consist of activities, benefits, or satisfactions offered for sale that are essentially intangible and do  not result in the ownership of anything,
  7. three levels of product
    core customer value,actual product, augmented product
  8. augmented product
    delivery and credit, after-sale service, product support, warranty
  9. actual product
    brand name, quality level, packaging, design, features
  10. consumer products
    are products bought by final consumer for personal consumption
  11. industrial products
    are those purchased for further processing or for use in conducting a business
  12. social marketing
    the use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society.
  13. individual product and service decisions
    product attributes -> branding -> packaging -> labeling -> product support services
  14. brand
    is a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product service.
  15. packaging
    involves designing and producing the container or wrapper for a product
  16. product line
    a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.
  17. intangibility
    services cannot be seen, tasted, felt, heard, or smelled before purchase
  18. variability
    quality of services depends on who provides them and when, where, and how
  19. inseparability
    services cannot be separated from their providers
  20. perishability
    services cannot be stored for later sale or us
  21. brand equity
    the differential effect that knowing the brand name has on customer response to the product and its marketing
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