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Product
Four key factors
1) Features
Features are characteristics of a product that offer benefits to customer.
Feature Benefit
Screen size Allows for more
distant viewing
Screen resolution Clear, more realistic
picture
Surround sound Enhanced sensory
experience
2) Branding
Branding involves establishing and identity for a product with the goal of
distinguishing it from competitors offerings.
This is essential in markets where products are similar and competition is fierce.
3) Packaging
It protects the product during shipping and handling.
It is the last chance of manufactures to seduce the customer.
4) Labelling
It provides information to aid a purchase decision.
For many products (e.g. food, pharmaceuticals) there are legal requirements for the
label relating to the listing ingredients, nutritional information and instructions for use
Place (distribution)
Distribution channels:
1) Resellers (purchase products and sell them to others)
2) Intermediaries (they bring buyer and suppliers together)
3) Logistics companies
Direct distribution:
1) Direct marketing (the customer places order in company’s website or catalogue)
2) Direct retail (when company operates its own retail outlets)
3) Personal selling (where salesperson takes order and arranger the delivery)
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