LWS: Marketing The 4 Ps – Products (ENG)

This lecture provides a detailed examination of product strategy and management within the marketing mix. It defines a product as any market offering. This includes tangible goods, services, persons, places, organizations, or ideas that can satisfy a consumer’s need or want. The material explores the three levels of product (Core Customer Value, Actual Product, and Augmented Product) and categorizes offerings into consumer classifications like convenience, shopping, specialty, and unsought goods. Additionally, the lecture covers critical decision-making processes regarding individual product attributes, branding, and packaging, as well as broader strategies for managing product lines and mixes, the Product Life Cycle, and the specialized “Extra 3 Ps” (Participants, Process, and Physical Surroundings) required for effective service marketing.