MK 201 Lecture Notes - Lecture 10: Cray, Wireless Router, Electric Toothbrush
Document Summary
Lo 9-1: recognize the terms that pertain to products and services. A product is defined as a good, service or idea consisting of a bundle of tanglible and intangible attritbues that satifies consumers needs and is received in exchange for money or something of value. Services are intangible activities or benefits that an organization provides to satisfy consumers needs in exchange for money or something else of value. Lo 9-2: identify the ways to classify consumer and business products and services. Consumer products are products purchased by the ultimate constumer. Business products are products organizations buy that assist in providing other products for resale. Involvement is all about how much effort and time the consumer puts into purchasing the product. Based on the different types of consumer products the consumer will either put in more or less time into the decision.
