Final Exam Review

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Western University
Management and Organizational Studies
Management and Organizational Studies 2320A/B

NOTE USEOWN RISKThis Summary Includes Lecture notes important textbook notes definitions in the margins chartsgraphs end of chapter questions which I thought were goodGOODLUCK Final ExamTable of Contents Chapter 9Chapter 10 12Chapter 11Chapter 13Chapter 1415Chapter 16Chapter 19 Note Chapter 16s Lecture Notes are built into the lecture notes ofChapters 1415Chapter 9 Lecture NotesWhat is a ProductProduct bundle of physical service and symbolic attributes designed to enhance buyers want satisfactionConsumer productsproducts destined for use by ultimate consumersBusiness or B2B products those that contribute directly or indirectly to the output of other products for resaleAlso called industrial or organizational productsBusiness Product Classes How are they defined Installations are important capital itemsOneofakind installations such as office buildings and custommade equipment require special negotiations for each saleInstallations are a boomorbust business Economic upturns spur expansion while downturns cause sales of installations to fall off sharplyAccessories are important but shortlived capital items such as tools and production equipmentRaw materials are unprocessed expense items that become a physical part of a physical good the firm makesFarm products are grown or raised by farmersNatural products are those that occur in nature such as timber and mineral oresComponents are processed expense items that become part of a finished productComponent parts are finished or nearly finished products that go into other productsComponent materials require more processing before becoming part of the final product Both component parts and materials must meet the specifications of the buyerSupplies for Maintenance Repair and Operating MRO are another category Maintenance supplies include products like paint and light bulbsRepair supplies are parts needed to fix worn or broken equipmentOperating supplies include things needed to do work like copier toner and paper clipsProfessional services are specialized services firms pay for in order to get them done They support a firms operations such as consulting services mightConsumer Product ClassesConvenience products are purchased quickly with little effortThey may beinexpensive bought often require little service or selling and bought by habitStaples are bought often routinely and without much thoughtBranding is used for many staples to make them easier to remember and findImpulse products are bought quickly as unplanned purchases because of a strongly felt needThey may be strongly affected by the immediate situationEmergency products are purchased immediately when the need is great Consumers dont shop around for these products or ask how much they costShopping products are compared with competing productsHomogeneous shopping products are ones that the customer sees as basically the same and wants at the lowest priceHeterogeneous shopping products are seen as different in quality andor suitabilitySpecialty products are ones that the consumer really wants because there are no acceptable substitutesThey are characterized by the consumers willingness to searchUnsought products need promotion they are those that customers dont want yet or dont know that they can buyNew unsought products represent ideas potential customers dont know about yetRegularly unsought products are ones that dont motivate customers to seek them out even though they may need them I would never live without this goodServices MarketingIntangibility refers to the fact that services cannot be seen tasted felt heard or smelled before they are purchasedInseparability refers to the fact that services cannot be separated from their providersVariability refers to the fact that service quality depends on who provides the services as well as when where and how they are providedPerishability refers to the fact that services cannot be stored for later sale or useStages in the product life cycleIntroduction Stage Hybrid TechnologyFirm works to stimulate demand for the new market entryPromotional campaigns stress featuresAdditional promotions to intermediaries attempt to induce them to carry the productAlthough prices are typically high financial losses are common due to heavy promotional and researchdevelopment costsGrowth Stage PVRs and Smart PhonesSales volume rises rapidlyFirm usually begins to realize substantial profitsSuccess attracts competitorsFirm may need to make improvements to the productAdditional spending on promotion and distribution may be necessaryMaturity Stage DVDsIndustry sales continue to grow but eventually reach a plateauMany competitors have entered the market and profits began to declineDifferences between competing products diminishAvailable supplies exceed industry demand for the first timeCompetition intensifies and heavy promotional outlays are commonWhen you reach a plateau and the market has been saturated Its all over the place An example is Apple and their Ipod products More of a pricing war here Try not to launch new products in a mature market Decline StageInnovations or shifts in consumer preferences cause an absolute decline in industry salesIndustry profits fallsometimes become lossesFirms cut prices in a bid for the dwindling marketManufacturers gradually drop the declining items from their product lines
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