MGTA01H3 Chapter Notes - Chapter 3: Fast-Moving Consumer Goods, Breakfast Cereal, Everett Rogers

• School: UTSC
• Department: Management
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

1chapter 3 products: the things consumers needs and want. Product: a good or service that fills a buyer"s need or satisfies a want. In filling a need or satisfying a want, most products deliver three elements: Functions: what a product is intended to do. Features: additional attributes which contribute usefulness to a product: business may choose to d this to attract different segments of target market. Product value = function + feature + benefits. Value: the regard with which a product is held by potential buers, expressed in financial worth. One way to gain a better understanding of products, and how and why people buy them, is to recognise that not all products attract the same number, or kind of buyers. Another way of better understanding products is to recognise that some products engage us more than others. Consumer products: products purchased by the end user, for personal use.