BUS 202 Lecture Notes - Lecture 8: Consumer Protection, Cognitive Dissonance, Implied Warranty

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 202
• Professor: dontremember

Document Summary

Chapter 8 notes: define the term product. A product is anything, desired or not, that a person or organization receives in an exchange. The basic goal of purchasing decisions is to receive the tangible and intangible benefits associated with a product. Tangible aspects include packaging, style, color, size, and features. Intangible qualities i(cid:374)(cid:272)lude ser(cid:448)i(cid:272)e, the retailer"s i(cid:373)age, the (cid:373)a(cid:374)ufa(cid:272)turer"s reputatio(cid:374), a(cid:374)d the so(cid:272)ial status asso(cid:272)iated (cid:449)ith the produ(cid:272)t. a(cid:374) orga(cid:374)izatio(cid:374)"s produ(cid:272)t offeri(cid:374)g is the (cid:272)ru(cid:272)ial ele(cid:373)e(cid:374)t i(cid:374) a(cid:374)(cid:455) (cid:373)arketi(cid:374)g (cid:373)i(cid:454): classify consumer products. Consumer products are classified into four categories: convenience products, shopping products, specialty products, and unsought products. Convenience products are relatively inexpensive and require limited shopping effort. Shopping products are of two types: homogeneous and heterogeneous. Because of the similarity of homogeneous products, price and features are the main differences between them. In contrast, homogeneous products appeal to consumers because of their distinct characteristics. Specialty products possess unique benefits that are highly desirable to certain customers.