mngt notes - chapter 6 to 10

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Department
Management (MGT)
Course
MGTA02H3
Professor
Chris Bovaird
Semester
Winter

Description
Email UTSCfraudnotesgmailcom for bootleg notes for your exam review needsndMGTA04 2 HalfChapters 610 from UTSC Textbook Vol 2Chapter 6 First HalfProduct value package overall value attributes of a product that are marketed can include intangible attributes such as image or reputationoProduct features qualities that a company builds into its products tangible or intangibleoProduct benefits not directly apparent for example a mower can produce an attractive lawnConsumer products can be classified asoConvenience goods relatively inexpensive used rapidly and regularly purchased with little effort eg newspaper milkoShopping goods moderately expensive purchase less frequently alternatives are evaluated by consumers eg stereos and tiresoSpeciality goodsservices expensive rarely purchased consumers spend a great deal of time locating exact desired items eg wedding gownIndustrial products can be classified asoExpense items consumed within a year eg grain to make breadoCapital items permanent expensive and long lasting such as buildings and equipmentThe Product MixProduct mix is the group of products a company has available for saleoDivided into product lines groups of similar products intended for similar buyersoOver time companies diversify their product lines and offer more than one of them to increase sales and increase securityDeveloping New ProductsIt is essential to keep developing and modernizing products to keep up with changing consumer trends and tastesThere are risks associated with developing new products their support and adoption by consumer communities may be slow eg HDTVsMost new products will not be successfuloThe more rapidly a product goes from laboratory to marketplace the better its chances of success Speed to market is a strategy which involves quickly responding to changes in the market7Step Product Development Process1Product Ideas2Screening is the company able to realize the idea3Concept testing market research and price levels4Business analysis early costbenefit report sales projections does the product roughly meet the firms profitability goals5Prototype development very costly6Product testing and test marketing tested internally made available for sale at limited areas very costly but gives feedback on how the market will respond7Commercialization fullscale production and marketing of the productService development process differs in steps 1 and 5UTSCfraudnotesgmailcomTry keeping a brown man downEmail UTSCfraudnotesgmailcom for bootleg notes for your exam review needsndMGTA04 2 HalfChapters 610 from UTSC Textbook Vol 21Service ideas involve defining the service package what tangible and intangible features comprise the service2Service process design Process Selection outlining each step in the service Worker Requirements outlining employee behaviours skills and customer interactions Facilities Requirements identifying logistical requirements so the service can be provided efficientlyProduct Life CycleIntroduction begins when product reaches marketplace no profits are earnedGrowth sales climb rapidly profit other firms introduce their own versionsMaturity sales growth slows earns highest profit level early in this stage increased competition leads to price cutting and lower profitsDecline sales and profits continue to fall reduction of sales and advertising supportIdeally kept at the maturity stage some strategies for foreign marketsoProduct Extension marketing an existing product globallyoProduct Adaptation modifying the product to appeal to foreign markets moreoReintroduction reviving products in new markets where they have not yet become obsoleteIdentifying ProductsBranding using symbols to convey qualities of product usually signal uniform qualityBrand Equity the value of the brand generates customer loyalty and market shareTypes of brand namesoNational Brands products carrying a name associated with the manufactureroLicensed Brands sold right to use the brand name celebrity name or landmark on productsoPrivate Brands products carrying the name of their retailer or wholesaler not the manufacturerUsually cheaper to market and are lowerpriced products than the national brandBrand Loyalty customers preference of buying a particular brand name a goal in business Three levelsoBrand awareness recognition of the nameoBrand preference favourable attitude toward the productoBrand insistence demand the product above the restTrademarks are the exclusive right to use a brand name 15 year periods while patents protect inventions and ideas for a period of 20 years Copyrights grant exclusive rights to tangible express an idea 50 years after death of creatorPackaging is the physical container in which a product is sold including labels Containers must be shippable yet easy to open for customers Labels are the last stretch of advertisingUTSCfraudnotesgmailcomTry keeping a brown man down
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