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Chapter 25 .docx

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University of Calgary
Management Studies
MGST 391
Ahmad Ali Sohrabi

Chapter 25 : Product Product A product is anything that can be offered to a market for use, or consumption and that might satisfy a want or need such as soap. Product includes:  Goods  Services  Other entities e.g. People, idea, places, organizations Services are a form of product that consist of activities, benefits offered for sale that are essentially intangible and do not result in the ownership of anything. such as a doctor’s exam. Levels of Products and services: The core product, What is the buyer really buying? The actual product may have as many as five characteristics that combine to deliver core product benefits. They are:  Quality level..  Features  Style and design.  A brand name.  Packaging. The augmented product includes any additional consumer services and benefits built around the core and actual products. a. Delivery and credit b. Warranty c. Installation d. After sale service Classification of products: 1. Consumer Products i. Convenience ii. Shopping iii. Specialty iv. Unsought Types of consumer products Marketing Convenience Shopping Specialty Unsought Consideration Consumer buying Frequent purchase Less frequent Special effort Either no awareness behavior Little planning purchase Little comparison or no interest Little effort and involvement Much planning Strong brand loyalty Little comparison Much effort & Low price sensitivity involvement Much comparison Price Low Higher Very high Varies Place Intensive distribution at Selective distribution in Exclusive distribution in only Varies convenient locations fewer outlets one or few outlets per market area Promotion Mass promotion Advertising and Targeted promotion by Aggressive personal selling producer and reseller advertising and personal selling Examples Tooth pastes Televisions Luxury goods e.g. Rolex Life insurance Magazines Furniture watches Red cross blood Clothing donation 2. Industrial (Business) Products,: i. Material and parts ii. Capital items iii. Supplies and Services Key Decisions about product:  Individual product o Standardized or adapted Market offers can be differentiated along the lines of:  Product  Service  Channels  People  Image o Product attributes  Tangible  Quality  Features  Style and design  Brand name  Packaging  Intangible  Image  Perceived value o Packaging & Labeling o Product support service  Product Line Decisions o Product line length  Product Mix/Assortment/Portfolio Decisions o Width (No. of product lines of a company) o Depth (No. of items per product line) o Consistency (how closely related the various product lines are in end use, production requirements, distribution channels, or in some other way. A brand is a name, sign, symbol, or design, or a combination of those that identifies the maker or seller of a product or service. Packaging is the activity of designing and producing the container or wrapper f
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