Another way to differentiate products is by offering different levels of a product. Because everyone does not have the same disposable income, it may be difficult for everyone to be able to afford a certain product of high quality. For this reason, a like product can be substituted for high quality good but at a lower price. For me, I do not necessarily need the latest product available, so if there is something that fills a need and I can get it cheaper then I would go with that. One brand that excels on differentiation is Apple, whose iPhones have different plans and prices depending on the package that is chosen and also the iPhone number. When a new iPhone comes out, I do not have to go for the latest one because I am satisfied with my current one. Work Cited Thompson, Althea. “Competitive Strategies for Wal-Mart.” 2012. eHow. 28 October 2012 . Marketing Debate p. 378 Product and service marketing are highly related because the same basic principles still apply in most cases. In both forms of marketing, the attention of the customer still has to be caught and some sort of value has to be on offer to convince a consumer to part with their money. If a customer does not understand how a product or service benefits or can be useful in some way, then any type of marketing will fail. It is up to marketers to identify target markets and then come up with strategies to reach those target groups; this is true for both product marketing and service marketing. Where it is perhaps different is that in service marketing the customer cannot view the service that they want to buy. This is why service marketing needs to involve some sort of demonstration of the product. Very often services that are to be offered are shown to the consumer so that they feel convinced to of the benefit of it. In television marketing services are usually shown with a random member of the public so that consumers can see the service in action. On the other hand, in product marketing the marketer only needs to explain the benefits of the product because the customer can witness the product for themselves. Additional information may need to be provided to assure the customer that they are receiving a high quality product, but generally they can make a decision for themselves based on their feelings. Marketing Discussion p. 410 As a consumer, I would prefer perceived-value pricing because I would want to get the best bang for my buck. I only have limited funds so I want to try and stretch my finances as far as it will go. This means that I have to be picky when it comes to purchasing a product and only get what I need, not what I would like. Whenever I am making a purchasing decision, the value of a product is very important to me because I want to receive something in return for parting with some cash. Although I often don’t have a lot of disposable income, I would rather pay a little more and get a high-quality product than pay a cheaper price for a piece of crap. Durability is major factor in my purchasing decision making because I want a product to last and not have to replace it within a short time. I would prefer a firm to employ slightly higher prices for most of the year and then offer discounts on occasion. This is because I am the type of shopper who likes to go and check out all the specials when they are on and
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Marketing Discussion p. 350 There are many ways to differentiate products and services, but one of the most common ways is by changing a product slightly to fit a certain age group. Products and services that are tailored for my age group are more likely to appeal with me because I identify with the values that those products or services stand for…
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