MGTA02H3 Lecture Notes - Business Analysis
12 Apr 2012
School
Department
Course
Professor
1
MGTA02H3 Full Course Notes
Verified Note
1 document
Document Summary
New product development is a critically important activity for companies because all products eventually reach the end of their life cycles and expire. It is virtually impossible to focus on just one element of the marketing mix without having to deal with other marketing variables. In developing the marketing mix for any products, whether ideas, goods or services- marketers must consider what consumers really buy when they purchase products when they purchase products. Features: the qualities, both tangible and intangible that a company builds into its products. In order to attract buyers, features also must provide benefits. The owner"s pleasure in knowing that the mower is nearby when needed is an intangible reward. Value package: product marketed as a bundle of value adding attributes, including reasonable cost. Increasingly, buyers expect to receive products with greater value, with more benefits at reasonable costs.
