Name: Argie G. Catambacan (3-164)
SUMMARY OF CHAPTER 8: PRODUCTS,
SERVICES, AND BRANDS
What is a Product? A product is anything that can be offered to a market for attention, acquisition,
use, or consumption that might satisfy a want or need. Generally, “products” also include services,
events, persons, places, organizations, ideas, or a mixture of these.
What are Services? Services are a form of product that consists of activities, benefits, or satisfactions
offered for sale that are essentially intangible and do not result in the ownership of anything. Examples
are banking, hotel services, airline travel, wireless communication, and home-repair services.
LEVELS OF PRODUCT AND SERVICES
Product planners need to think about products and services on three (3) levels. The most basic
level is the core customer value, which means that when designing products, marketers must first
identify the core customer value that consumers seek from the product. At the second level, product
planners must turn the core benefit into an actual product or in other words, they must then design
the actual product and lastly find ways to augment it or build an augmented product to create value
and the most satisfying customer experience.
