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Canada (158,032)
MGTA02H3 (361)
Chapter 6

Chapter 6- The 4 Ps-Product

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University of Toronto Scarborough
Management (MGT)
Bill Mc Conkey

Chapter 6 The 4 Ps Product1 Explain the definition of a product as a value packageWHAT IS A PRODUCTMarketers must consider what consumers really buy when they purchase productsThe Value PackageFeatures the qualities both tangible and intangible that a company builds into its productsTo attract buyers features also must provide benefitsBenefits what marketers perceive will be of extra value to the consumerReputation of the sellerImage of those who use the productSpecial quality or service associated with the productValue package product marketed as a bundle of valueadding features Ex reasonable costWhen buying a product consumers are also buying an image and reputation along with the visible features and benefitsClassifying Goods and ServicesBuyers fall into 2 groupsoBuyers of consumer productsoBuyers of industrial productsClassifying Consumer ProductsConvenience goodsservices 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 Ex milk newspaper fastfood restaurantsShopping goodsservices moderately expensive consumer goods or services that are purchased less frequently causing consumers to spend some time comparing their prices Ex stereos tires insuranceSpeciality goodsservices very expensive consumer goods or services that are purchased rarely causing consumers to spend a lot of time finding the exact item desired Ex wedding gowns catering for wedding receptionsClassifying Industrial ProductsExpense items relatively inexpensive industrial goods that are consumed rapidly and regularly Ex bulk loads of tea processed into tea bagsCapital items expensive longlasting industrial goods that are used in producing other goods or services and have a long time Ex buildings and computers1
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