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MGTA01H3 (583)
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ch6__

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Fall

Description
Ch 6productFeatures the qualities both tangible and intangible that a company builds into its productsto attract buyers features also must provide benefitsValue package product marketed as a bundle of valueadding attributes including reasonable cost although products include physical features most items in the value package are services or intangibles that collectively add value by providing benefits that increase the customers satisfaction oOne way to classify a product is according to expected buyers Buyers fall into two groups buyers of consumer products and buyers of industrial products o1 Consumer products are commonly divided into three categories that reflect buyers behavior convenience shopping and specialty productsConvenience goods ex Milk and newspapers or convenience servicesex those offered by fastfood restaurants relatively inexpensive consumer goods or services that are bought and used rapidly and regularly causing consumers to spend little time looking for them or comparing their prices 2 Shopping goodsex Stereos and tires or shopping services ex Insurance moderately expensive consumer goods or services that are purchased infrequently causing consumers to spend some time comparing their prices 3 Specialty goods ex Wedding gowns or specialty servicesex Catering for wedding receptions very expensive consumer goods or services that are purchased rarely causing consumers to spend a great deal of time locating the exact item desiredoIndustrial products can be divided into two categories expense and capital items1 Expense items relatively inexpensive industrial goods that consumed rapidly and regularly ex Bulk loads of tea processed into tea bags2 Capital items expensive longlasting industrial goods that are used in producing other goods or services and havelong lifeex Expensive buildingsoffices factories fixed equipment water towers banking ovens and accessory equipment computers airplanesProduct mix the group of products a company has available for saleProduct line a group of similar products intended for a similar group of buyers who will use them in a similar fashion companies may extend their horizons and identify opportunities outside existing
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