RSM100Y1 Lecture : chapter 15 notes

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21 Mar 2011
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A firm must get to know what the consumers want. Providing value and satisfaction: consumers want to buy the product that would offer the best value, value: relative comparison of a product"s benefits vs. its costs. o o. Costs include sales price, buyers time, and emotional cost of purchasing a product. Value= (benefits) / (costs: utility: ability of a product to satisfy a human want or need. (4 kinds of utility) o o. Time utility: offering products when consumers want them. Place utility: making a product available where customers can conveniently. Ownership utility: conveniently transferring ownership from store to. A store opens up a christmas department. consumer. o. Form utility: by making products available in the first place, turning raw materials into finished ornaments. Goods, services, and ideas: consumer goods: products purchased by individuals for their personal use. o. I ndustrial goods: products purchased by companies to use directly or indirectly to.

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