MGTA02H3 Chapter 6: Chapter 6- The 4 Ps-Product

• School: UTSC
• Department: Management (MGT)
• Course: MGTA02H3
• Professor: Bill Mc Conkey

Document Summary

1- explain the definition of a product as a value package. What is a product: marketers must consider what consumers really buy when they purchase products. Features- the qualities, both tangible and intangible, that a company builds into its products: to attract buyers, features also must provide benefits. Benefits- what marketers perceive will be of extra value to the consumer: reputation of the seller. Special quality or service associated with the product. Value package- product marketed as a bundle of value-adding features (ex: reasonable cost: when buying a product, consumers are also buying an image and reputation, along with the visible features and benefits. Classifying goods and services: buyers fall into 2 groups, buyers of consumer products, buyers of industrial products. Classifying consumer products: convenience goods/services- relatively inexpensive consumer goods or services that are bought and used rapidly and regularly, causing consumers to spend little time looking for them or comparing their prices (ex: milk, newspaper, fast-food restaurants)