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MGTA02H3 (143)

Chapter 6 Notes.docx

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Management (MGT)
Bill Mc Conkey

Chapter 6: The 4 Ps – Product Terms: Features: the qualities, both tangible and intangible, that a company builds into its products Value Package: product marketed as a bundle of value-adding attributes, including reasonable cost Convenience Goods/Services: relatively inexpensive consumer goods or services that are bought and used rapidly and regularly, causing consumers to spend little time looking for them or comparing their prices Shopping Goods/Services: moderately expensive consumer goods or services that are purchased infrequently, causing consumers to spend some time comparing their prices Specialty Goods/Services: very expensive consumer goods or services that are purchased rarely, causing consumers to spend a great deal of time locating the exact item desired Expensive Items: relatively inexpensive industrial goods that are consumed rapidly and regularly Capital Items: expensive, long-lasting industrial goods that are used in producing other goods or services and have a long life Product Mix: the group of products a company has available for sale Product Line: a group of similar products intended for a similar group of buyers who will use them in a similar fashion Speed to Market: strategy of introducing new products to respond quickly to customer and/or market changes Service Package: identification of the tangible and intangible features that define the service Service Process Design: selecting the process, identifying worker requirements, and determining facilities requirements so that the service can be effectively provided Product Life Cycle (PLC): the concept that the profit-producing life of any product goes through a cycle of introduction, growth, maturity (levelling off), and decline Product Extension: existing, unmodified product that is marketed globally Product Adaptation: product modified to have greater appeal in foreign markets Reintroduction: process of reviving for new markets products that are obsolete in older ones Branding: process of using symbols to communicate the qualities of a product made by a particular producer Brand Equity: degree of consumers’ loyalty to and awareness of a brand and its resultant market share Brand Loyalty: customers’ recognition of, preference for, and insistence on buying a product with a certain brand name Trademark: the exclusive
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