HTM 302 Lecture Notes - Lecture 8: Marketing Mix

• School: Ryerson University
• Department: Hospitality and Tourism Management
• Course: HTM 302
• Professor: Rachel Dodds

Document Summary

The p"s: product, price, place, promotion, people, packaging, positioning, partnerships. Product: everything, both favorable and unfavorable, that a person receive in an exchange. Core product: the basic item offered for sale. Augmented product: the add-ons that are extrinsic to the product but influence the decision to purchase- includes warranty, installation, after sales guarantee, deliver, etc. Business product: a product used to manufacture other goods and services to facilitate an organizations operations or to resell to other consumers (unsought and speciality products) Consumer product: product bought to satisfy an individual"s personal want (convenience and shopping products) Convenience product: inexpensive item that merits little shopping effort. Shopping product: requires comparison shopping, usually more expensive and found in fewer stores. Specialty product: item that consumers search extensively for and are reluctant to accept substitutes. Unsought product: unknown to the potential buyer or a known product that the buyer doesn"t actively seek. Define the terms product item, product line, and product mix.