Accounting MRK108 Lecture : lamb_mktg_2ce_maps_ch09.pdf
Document Summary
Product: everything, both favourable and unfavourable, received by a person in an exchange. It could be a tangible good, a service, an idea, or any combination. Shopping products: relatively inexpensive items that merit little shopping effort, consumers buy these products regularly, usually without much planning, normally require wide distribution in order to sell sufficient quantities to make a profit. Specialty products: consumers search extensively for these items. Unsought products: products unknown to the potential buyer or known products that the buyer does not actively seek, they require aggressive personal selling and highly persuasive advertising. Product mix (all the products a company sells) Changes to one or more of a product"s characteristics: quality modifications, functional modifications, style modifications. The practice of modifying products so those that have already been sold become obsolete before they actually need replacement. Adding additional products to an existing product line to compete more broadly in the industry. Removing a product line from the current product mix.