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chapter 6

3 Pages

Management (MGT)
Course Code
Chris Bovaird

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Chapter 6 The 4 Ps - Product Product • A good, service, or idea that satisfies buyers’ needs and wants • A product id usually more than just the thing in the box • All tangible and intangible features and benefits or purchasing good or service, including both actual and anticipated benefits The value package • Product marketed as a bundle of value-adding attributes, including reasonable cost • Example: get a certain brand of clothes, you get more than a way to keep warm, you get style self-expression Life cycle model • Products, technologies, industries – like people – have finite lives o They begin small and weak o The grow quickly o They mature o And decline • The model has two-dimensions o Time  Can be measured several ways: weeks, months, years, decades  Som e products have very short lives: movies, fashions, technologies  Some product have very long lives: coffee bread, pencils o Growth  Can be measured many ways  Money volume of sales  Number of customers  Volume of production  Number of units sold  Number of stores/outlets  Profits • 4 stages o Introduction  Product or technology is brand new, little known, expensive, hard to find  Sales – are low  Profits – negative  Customers – a few innovators  Competitors - few o Growth  Give me an example of product or technology that is relatively new but becoming better known, more p
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