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MGMA01H3 (184)
Chapter 9

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University of Toronto Scarborough
Management (MGM)
Alison Jing Xu

Chapter 9: Product: anything that can be offered to satisfy a consumer’s need/want Service: an intangible product; buying a service does not result in ownership Types of consumer products: Convenience: frequent purchases bought with minimum buying effort and little comparison shopping  Low price  Widespread distribution  Readily available (placed conveniently in stores)  Examples: snack, milk, newspapers Shopping: less frequent purchases, more comparison effort, higher than convenience good pricing, selective distribution, personal selling, advertising  e.g., cars, furniture, clothes Specialty: strong brand preference and loyalty, requires special purchase effort, little brand comparisons, and low price sensitivity  high price  exclusive distribution  carefully targeted promotions  examples: high-end luxury cars, designer clothes Unsought: little product awareness and knowledge (or if aware, sometimes negative interest)  aggressive advertising and personal selling  examples: life insurance, preplanned funeral services, new innovations Levels of product and services:  core benefits  actual product: brand name, quality level, packaging, design, features  augmented product: delivery and credit, installation, warranty, after-sale service Product line: a broad group of products, intended for similar uses and having similar characteristics → Examples: panasonic: TVs, DVD players, telephones, audio equipment etc. Products in the same product line often:  function in a similar manner  are sold to the same customer groups  market through the same types of outlets  fall within given price ranges Product line length: the number of items in the product line Line stretching: adding products that lengthen a product line beyond its current range  DaimlerChysler stretched its Merced
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