MGTA02H3 Chapter 6: Chapter 6.docx
22 Apr 2012
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MGTA02H3 Full Course Notes
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Features: the qualities, both tangible and intangible that a company builds into its products. Value package: product marketed as a bundle of value-adding attributes including reasonable cost. By buying a product consumers are also buying image and reputation. More and more firms compete on the basis of enhanced value of package. The product mix: the group of product a company has available for sale. No firm can count on single successful product to carry forever. Recognizing the new trend is very important too. Companies face multi year time horizons and high risks when developing a new product. Product idea: begins with search for ideas for new products, can come from, consumers, sales forces, research. Screening: attempt to eliminate all product ideas that do not mesh with the firm"s abilities, expertise, or objectives. Concept testing: companies use market research to solicit consumers" input and identify benefits that product must provide and the price level.
