MCS 1000 Chapter Notes - Chapter 10: Strategic Alliance, Open Innovation, Crowdsourcing

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Arsenio Bonifacio

Document Summary

Chapter 10 developing new products and services. Product: a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value. Product mix: the number of product lines offered by a company. Both the federal government and companies classify products, but for different purposes. The government"s classification method helps it collect information on industrial activity. Companies classify products to help develop similar marketing strategies for the wide range of products offered. 2 major ways to classify products are by: type of user. Consumer goods: products purchased by the ultimate consumer. Business goods: products that assist directly or indirectly in providing products for resale (also known as b2b goods, industrial goods, or organizational goods): degree of tangibility. This classification is divided into 3 categories: Non-durable good: an item consumed in one or a few uses (i. e. food products and fuel).