MGTA02H3 Chapter Notes - Chapter 3: Canadian Business, Brand Awareness, Kodak

• School: UTSC
• Department: Management
• Course: MGTA02H3
• Professor: Chris Bovaird

Document Summary

Lecture 3 will cover chapter 3 of the managing the canadian business textbook. Product a good o(cid:396) se(cid:396)(cid:448)i(cid:272)e that fills a (cid:271)u(cid:455)e(cid:396)"s (cid:374)eeds o(cid:396) satisfies a (cid:271)u(cid:455)e(cid:396)"s wants it"s (cid:449)hate(cid:448)e(cid:396) a pu(cid:396)(cid:272)hase(cid:396) hopes to get o(cid:396) (cid:271)elie(cid:448)ed the(cid:455)"(cid:396)e getting with purchase. In filling a need or a want, most products deliver three elements: function, features, and benefits. Like a bicycle, a business must satisfy customer needs in order to make a profit. A business must make a profit in order to satisfy customer needs. A bicycle must be going forward to remain upright and it must be staying upright to go forward. Without the simultaneous work of them both, a business will not work at its peak efficiency and a bike will not move. Function what a product is intended to do, describing a good or service at its most minimal. Features additional attributes or offerings which contribute improved.