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Chapter 6

Chapter 6.docx

3 Pages

Management (MGT)
Course Code
Chris Bovaird

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Chapter 6 Developing and Promoting Goods and Services What is a ProductTermsFeatures the qualities both tangible and intangible that a company builds into its productsValue package product marketed as a bundle of valueadding attributes including reasonable costConvenience goods relatively inexpensive consumer goods or servicesthat is bought and used rapidly and regularly causing consumers to spend little time looking for them or comparing their pricesShipping goodsservices moderately expensive consumer goods or services that are purchased infrequently causing consumers to spend some time comparing their pricesSpecialty goodsservices very expensive consumer goods or services that are purchased rarely causing consumers to spend a great deal of time locating the exact time desiredExpense items relatively inexpensive industrial goods that are consumed rapidly and regularlyCapital items expensive longlasting industrial goods that are used in producing other goods or services and have a long lifeProduct mix the group of products a company has available for saleProduct linea group or similar products intended for a similar group of buyers who will use them in a similar fashionSevenStep Development Process1Product ideas Begins with a search for ideas for new products Can come from consumers the sales force research and development people or engineering personnelThe key is to actively seek out ideas and to reward those whose ideas become successful products2Screening
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