MGMA01H3 Study Guide - Final Guide: Plastic Surgery, Marketing Mix, New Product Development
10 Apr 2014
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Document Summary
A product bought by individuals and organizations for further processing or for use in conducting a business: material and parts raw materials, farm products. Mostly manufactured materials and parts are sold directly to industrial users. Price and service are the major marketing factors; branding and advertising tend to be less important: capital items installations and accessory equipment. Buildings, fixed equipment: supplies and services paper, pencils, paint. Supplies are the convenience products of the industrial field. Companies define quality in terms of creating customer value and satisfaction. Companies chooses a quality level that matches target market needs and the quality levels of competing products: product features. Features are competitive tools for differentiating the company"s product from competitors" product: product style and design. Design begins with observing customers and developing a deep understanding of their needs. Product designers should think less about product attributes and technical specifications and more about how customers will use and benefit from the product.
