Textbook Notes (363,140)
Canada (158,217)
MGTA02H3 (361)
Chapter 6

Chapter 6

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Chapter 6 The 4 Ps - Product WHAT IS A PRODUCT? The most important component in the offerings of any business is its product mix. The Value Package Product features are the qualities, both tangible and intangible, that a company builds into its products. Value package is the product marketed as a bundle of value-added attributes, including reasonable cost. Classifying Goods and Services One was to classify a product is according to expected buyers. Buyers fall into two groups: buyers of consumer products and buyers of industrial products. Classifying Consumer Products Consumer products are commonly divided into three categories that reflect buyers behaviour: o Convenience goods and convenience services are consumed rapidly and regularly. Convenience goodsservices are relatively inexpensive services that are bought and used rapidly and regularly, causing consumers to spend little time looking for them or comparing their prices. o Shopping goods and shopping services are most expensive and are purchased less frequently than convenience goods and services. Shopping goodsservices are moderately expensive consumer goods or services that are purchased infrequently, causing consumers to spend some time comparing their prices. www.notesolution.com
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