Understanding the Nature of Products: Goods, Services & Experiences Honda Motor Co. Limited

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Understanding The Nature Of Products: Goods, Services & Experiences Honda Motor Co. Limited

Prepared By:
Ahmed Abdur Rahman - 3505170
Emirhan Sanli - 3382606
Irfanul Hoque – 3607276

For:
Mark101 Group Report
Autumn - 2009
University Of Wollongong In Dubai

Submitted To:
Ms. Conchita Fonseca

Date Of Submission:
16th November 2009

Table of Contents

1.0 Executive Summary .......
2.0 Introduction........
2.1 Origin........
2.2 Aim........
2.3 Sources.... ....
3.0 Nature of product in marketing management....
4.0 Defining the term “Product”......
4.1 Core Product.......
4.2 Actual Product.......
4.3 Augmented Product......
5.0 Product Classifications.......
5.1 Consumer Products......
5.2 Business-to-Business Products .....
6.0 Branding.........
6.1 Line Extensions.......
6.2 Brand Extensions.......
6.3 Multi-Brands.......
6.4 New Brands.......
7.0 Conclusion........
8.0 References.......
9.0 Appendices........

1.0 Executive Summary

1.0 Introduction

1.1 Origin
This report has been compiled as part of an assignment for MARK101 – Marketing Principles, Autumn 2009. The course is being taught by Ms. Conchita Fonseca at the University of Wollongong in Dubai.

1.2 Aim
The assumption is that we are the new marketing manager(s) for the product line of a real-life company from the automobile industry, in this case; Honda Motor Co. Limited. The report will focus on understanding products: goods, services and experiences.

1.3 Sources
To obtain the information needed to complete this report, we visited the official website of Honda Motor Co. Limited (http://www.honda.com/) as well as external websites and books that have facts and data pertinent to the understanding of Honda Motor or to marketing terms and theories.

2.0 Company facts
Honda Motor Co. Limited entered the manufacturing sector in September 1946. The founder of the company was Soichiro Honda. The first product of the company was a 2-stroke 50 cc modified auxiliary engine for bicycles.

3.0 Nature of product in marketing management
The first term we’re going to define in this report is the nature of product in marketing management. In simple words, the nature of the product can be anything that is offered to a market and will satisfy the want or need of consumers.

For the purpose of this report, we will be applying the concept of marketing management to the products of popular company, Honda Motors.

4.0 Defining the term “Product”
In marketing, the term “product” is used broadly to refer to the encompassing variety of solutions that a company offers to its target market. This variety could traditionally be classified into two distinct categories: goods and services. In recent years, a third category has been created and it is labeled as the experience provided by the marketer (KnowThis, 2009).

Marketers and economists define goods as items that satisfy a market need (InvestorWords). Goods are also tangible, i.e. they are perceptible to the sense of touch. [http://wordnetweb.princeton.edu/perl/webwn?s=tangibility] Services are generally intangible, they may be used as input in the production process and they are differentiated (Kerr and Gaisford, 2007). Services are also perishable, inseparable and difficult to measure in quantitative terms. [http://www.udel.edu/alex/chapt11.html#services] Some examples of service based products include education, consultancy and accounting (Waterhouse, 2008).

Experiences – From the homepage of the Honda website, we saw that, some objects in Honda’s inventory include popular consumer goods like Honda motorcycles and scooters, Honda and Acura cars, trucks and SUV’s. As well as commercial goods like...
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