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RSM100Y1 (287)

Chapter 16 Notes

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University of Toronto St. George
Rotman Commerce
Michael Szlachta

Chapter 16 Value package Product marketed as a bundle of value-adding attributes, including reasonable costs Classifying consumer products Convenience goodsservices 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 goodsservices moderately expensive consumer goods or services that are purchased infrequently, causing consumers to spend some time comparing prices and such Specialty goodsservices very expensive consumer goods or services that are purchased rarely, causing consumers to spend a lot of time comparing prices Classifying industrial products Expense items materials and services that are consumed within a year by firms producing other goods or services Capital items expensive, long-lasting industrial goods that are used in producing other goods or services and have a long life Buildings, fixed equipment (water towers, baking oven), accessory equipment (computers, airplanes) Capital services services for which long-term commitments are made Employee food services, building and equipment maintenance, legal services Product mix the group of products a company has available for sale Product line a group of products that are closely related because they function in a similar manner or are sold to the same customer group, who will use them in similar ways Developing New Products Speed to market strategy of introducing new products to respond quickly to customer andor market changes The seven-step development process Product development begins with a search for ideas for new products
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