RSM100Y1 Study Guide - Viral Marketing, Advertising, Sales Promotion

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Features: qualities tangible and intangible that a companybuild in to its products (i. e. 12 hp motor on a lawn mower) Products are much more than just visible features; in buying a product, consumers are buying an image and reputation. To attract buyers, product features must provide benefits (i. e. by buying a lawn mower, it produces an intangible benefit, an attractive lawn) Marketing products and services to consumers is vastly different from marketing them to companies. Consumers usually have strong preferences and will not accept substitutes. Industrial products are divided into 2 categories: expense items: materials and services that are consumed within a year by firms producing other goods or services and they are relatively inexpensive. They are consumed rapidly and regularly: capital items: expensive, long lasting goods that are used in producing other goods or services (expected lives are greater than 1 year)

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