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MGTA02H3 (363)
Chapter 6

Chapter 6 textbook notes

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Department
Management (MGT)
Course
MGTA02H3
Professor
Chris Bovaird
Semester
Winter

Description
Features qualities tangibleintangible that company build into its product ex 12 horsepower motor on a lawn mowerValue package product marketed as a bundle of value adding attribute serviceintangibleGreat value with more benefit at reasonable cost choice of colour fast ordering to increase satisfactionConsumer productConvenience goods inexpensive bought and used rapidly and regularly spend little time looking or comparing price ex milk and newspaper fast food restaurantsShopping goods more expensive purchase less frequently spend time comparing prices ex tires insuranceSpecialty goods expensive purchase rarely spend a lot of time ex wedding gownsIndustrial productexpense items inexpensive consume rapidly and regularly within 1 yearcapital items expensive long lasting long life 1 yearProduct mix group of products a company has available for saleProduct line group of similar product intended for similar buyer who use them in similar fashion ex iced tea then later add only teaDeveloping new productsthe more rapidly product move from laboratory to market place more likely to survivespeed to market strategy of introducing new products to respond quickly to customer and market changesDevelopment processproduct ideas screening eliminate ideas concept testing identify benefit business analysis meet minimum profit goalPrototype development produce product testing and marking commercializationwwwnotesolutioncom
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