Management and Organizational Studies 1021A/B Lecture Notes - Lecture 9: Durable Good, Intangibility, Consumer Behaviour

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: Sarah Ross

Document Summary

Product: a good, service, or an idea consisting of tangible and intangible features. Products can be either online or offline. Non-durable good: an item that does not last and that is consumer only once, or for a limited number of times (food products, fuel) Durable good: an item that lasts over an extended number of uses (appliances, cars) Service: an intangible activity, benefit, or satisfaction. Important to distinguish between the company"s primary and secondary (supplementary) services (ex. Banks primary purpose it to open accounts, secondary purpose is parking, atms, statements, currency exchange) Virtual services: services that exist only online and have no physical person-to-person interaction. Service continuum: a range from tangible to intangible services. Hybrids: combination of goods and services to offer a more competitive product to consumers. Services generally cannot be held, touched, or seen before a purchase: inconsistency. The quality of a service is dependent on the people who provide it: inseparability.