Management and Organizational Studies 1021A/B Chapter Notes - Chapter 12: Marketing Mix, Cool Whip, Store Brand

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

Document Summary

Product : a bundle of tangible and intangible benefits that a buyer receives in exchange for money and other considerations. Ex: buying a porsche is not what you really need, you buy it in order to display your achievements and success which is bound up with the intangibles of prestige, status and image. Total product concept : the package of benefits a buyer receives when he/she purchases a product. It includes the physical item, the package, brand name, label, service guarantee, warranty and image represented by the product. Product strategy = what managers make decision about a mix of products that all fall under the same brand name. Product mix : the total range of products offered for sale by a company. Collection of product lines and product items. Each of the products in the mix appeals to a particular segment and it makes it distinct from the offerings of the competition.