MGTA02H3 Chapter Notes - Chapter 3: Innovation Works, Oligopoly, Brand Awareness
1
MGTA02H3 Full Course Notes
Verified Note
1 document
Document Summary
Chapter 3 (products: the things consumers need and. 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 or offerings which contributes improved usefulness or experience to a product. Benefits: the advantages that are derived from purchasing a product. Product value = function + features + benefits. Value: the regard with which a product is held by potential buyers, expressed as its financial worth. Value package: the bundle of tangible and intangible functions, features and benefits that a business offer to buyers of a product. There are certain goods and services which we will buy only after much research, much comparison shopping, and after the expenditure of both time and emotional investment. Consumer products: products purchased by the end user, for personal use.
