GMGT 1010 Lecture Notes - Lecture 89: Test Market, Marketing Mix, Voice Of The Customer

• School: University of Manitoba
• Department: General Management
• Course: GMGT 1010
• Professor: Brock V.Cordes

Document Summary

Product: any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of the consumer. Many products today are not pure goods or services. Products and services range from the tangible to the intangible. Ex: fast food restaurant right in the middle. Important trend: we are becoming more of a service-based economy. Test marketing: the process of testing products among potential users. Brand name: a word, letter, or group of words or letters that differentiates one sellers goods or services from those of competitors. Price: the money or other consideration (including other goods and services) exchanged for the ownership or use of a good or service. Price depends on a number of factors: competition, attract business (low price) or high- quality (high price), costs of production, distribution, and promotion. Intermediaries are the middle links in a series of organizations that distribute goods from producers to consumers (=middlemen)