Features: the qualities, both tangible and intangible, that a company builds into its products. Value package: product marked as a bundle of value-adding attributes, including reasonable cost. In buying a product, consumers are also buying an image and a reputation. 2 types of buyers: buyers of consumer products and buyers of industrial products. Convenience goods/ services: relatively inexpensive consumer goods or service that are bought and used rapidly and regularly, causing consumers to spend little time looking for them or comparing their prices. Shopping goods/ services: moderately expensive consumer goods or services that are purchase infrequently, causing consumers to spend some time comparing their prices. Specialty goods: very expensive consumer goods or service that are purchased rarely, causing consumers to spend a great deal of time locating the exact item desired. Expense item: relatively inexpensive industrial goods that are consumed rapidly and regularly. Ex: bulk loads of tea processed into tea bags.