RSM250H1 Lecture 4: RSM250H1F Lecture 4 Notes
Document Summary
Firms have to handle a variety of product policies. Product: defined as anything that is offered to a market for consumptions. Can be classified along a number of dimensions including: the nature of customer"s buying behaviour. Specialty: the level of involvement in the purchase process. Low involvement or high involvement (investment of time when purchasing product: type of benefit: Products can be classified as tangible and intangible goods: picture a coffee shop selling the atmosphere and experience with the drink/food you purchase, there are intangible and tangible components in a product experience. Consumers who appreciate added benefits value augmented products more than a core product. For example, an augmented product can be a phone where they experience the software that the engineers created (they value the quality and use of it giving them a good life experience) Those who consider it a treat will enjoy augmented products more.
