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Chapter 6

Chapter 6.docx

14 Pages

Management (MGT)
Course Code
Chris Bovaird

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Chapter 6 Whats a product 472012 53700 PM The Value PackageFeatures The qualities both tangible and intangible that a company builds into its products Value Package Product marketed as a bundle of valueadding attributes including reasonable cost By buying a product consumers are also buying image and reputation More and more firms compete on the basis of enhanced value of packageClassifying Goods and Services Classifying consumer products 3 categorieso Convenience goods relatively inexpensive consumer goods or services that are brought and used rapidly and regularly causing consumers to spend little time looking for them or comparing their priceso Shopping service More expensive and purchased less frequently than conveniences goods and services consumers often compare brandso Specialty goods Extremelyimportant and expensive purchase consumers usually decide on precisely what they want and will accept no substitution Classifying Industrial Products Two categorieso Expensive Item Any material and services that are consumed within a year by firms producing other goods or supplying serviceso Capital Item Permanentthat is expensive and long lasting goods and services live more than a year typically for several yearsThe product Mix The group of product a company has available for sale Product line A group of similar products intended for a similar group of buyers who will use them in similar fashion o Every company starts off with a simple productbut as the market demand increases they introduce new productso Companies may extend their horizons and identify opportunitiesoutside existing product lineo Multiple product lines allow a company to grow rapidly and can help to offset the consequences of slow sales in anyone product line
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