RSM100Y1 Lecture Notes - Lecture 12: Retail, Product Lifecycle, New Product Development
31 Mar 2016
School
Department
Course
Professor
Document Summary
To marketers; a product is a bundle of physical, service, and symbolic characterisics designed to saisfy consumer wants. Product strategy involves much more than just producing a good or service; it focuses on the beneits of a good or service. B2b and b2c can be further broken down. Each classiicaion type needs a diferent compeiive strategy. Consumer goods are usually classiied on the basis of how consumers buy them. Convenience products are items consumers purchase frequently, immediately and with litle efort. Shopping products are those products that are usually purchased only ater the buyer has compared products in compeing stores. Specialty products are those products that a purchaser is willing to make a special efort to obtain: the purchaser is already familiar with the item and considers it to have no reasonable subsitute. Note: a convenience item for one person may be a shopping product for another; these classiicaions are made upon the majority of consumers.
