BUAD100 Lecture Notes - Lecture 4: Tax Preparation In The United States, Video Lesson, Intangibility

• School: University of Delaware
• Department: Business Administration
• Course: BUAD100
• Professor: Julia Bayuk

Document Summary

Anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need. Include physical objects, services, events, persons, places, organizations, ideas, or some combination. A product is a set of benefits. Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Services include: hair styling, tax preparation, air travel, and banking. Intangibility: services cannot be seen, tasted, felt, heard, or smelled before purchase. Inseparability: services cannot be separated from their providers. Perishability: services cannot be stored for later sale or use. Variability: quality of services depends on who provides them and when, where and how. Product / service continuum (e. g. restaurant meal) Creating and managing customer experiences differentiates marketing offers from the competition. Differ on: price, search behavior, promotion, distribution. Formally (legal): proprietary trademark for a specific product or service.