Textbook Notes (380,846)
CA (168,243)
UTSC (19,296)
MGT (1,095)
MGTA02H3 (363)
Chapter 6

Chapter 6 textbook notes

5 Pages
30 Views

Department
Management (MGT)
Course Code
MGTA02H3
Professor
Chris Bovaird

This preview shows pages 1-2. Sign up to view the full 5 pages of the document.
Features: qualities (tangible & intangible) that company build into its product (ex: 12 horsepower
motor on a lawn mower)
Value package: product marketed as a bundle of value adding attribute (service/intangible)
Great value with more benefit at reasonable cost, choice of colour, fast ordering to increase
satisfaction
Consumer product
Convenience goods: inexpensive, bought and used rapidly and regularly, spend little time looking
or comparing price. (ex: milk and newspaper, fast food restaurants)
Shopping goods: more expensive, purchase less frequently, spend time comparing prices (ex: tires,
insurance)
Specialty goods: expensive, purchase rarely, spend a lot of time (ex: wedding gowns)
Industrial product:
expense items: inexpensive, consume rapidly and regularly (within 1 year)
capital items: expensive, long lasting, long life (>1 year)
Product mix: group of products a company has available for sale
Product line: group of similar product intended for similar buyer who use them in similar fashion
(ex: iced tea, then later add only tea)
Developing new products
the more rapidly product move from laboratory to market place, more likely to survive
speed to market: strategy of introducing new products to respond quickly to customer and market
changes
·Development process
product ideas, screening (eliminate ideas), concept testing (identify benefit), business analysis
(meet minimum profit goal)
Prototype development (produce), product testing and marking, commercialization
www.notesolution.com
·Developing process services
Service ideas includes service package, service process design
Service package: identification of tangible and intangible features that define service
Service process design: select process, identify worker requirements and determine facilities
requirement
Product life cycle: limited profit producing life of product (introduction, growth, maturity and
decline)
Introduction: consumer awareness of product and benefits (development cost, profit dont exist)
Growth: show profit, others follow
Maturity: sales begins to slow, in the beginning sales at its highest, at the end sales starts to fall
Decline: sales and profit fall, remove and reduce promotional support (ads)
Product extension: existing, unmodified product, marketed globally
Product adaptation: modified for greater appeal in globally
Reintroduction: bring back product (no longer use) for new markets
Branding: use symbol to communicate the qualities of a product make by a particular producer
Brand equity: degree of consumer loyalty and awareness and resultant market share
Brand names
National brands: product distributed and carry name associated with the manufacture
Licensed brands: selling the right to use brand name (celebrity name/well known) to another and
use on product
Private brands: products promoted by and carrying name with retailer or wholesaler (not
manufacture)
Brand loyalty: customer recognition or preference or insistence on buying a product with certain
brand name
Brand awareness: customer recognize
Brand preference: favorable attitude
Brand insistence: willing to go out to get it
Trademark: exclusive legal right to use a brand name (15 year)
Patent: protect invention or ideas for 20 years
www.notesolution.com

Loved by over 2.2 million students

Over 90% improved by at least one letter grade.

Leah — University of Toronto

OneClass has been such a huge help in my studies at UofT especially since I am a transfer student. OneClass is the study buddy I never had before and definitely gives me the extra push to get from a B to an A!

Leah — University of Toronto
Saarim — University of Michigan

Balancing social life With academics can be difficult, that is why I'm so glad that OneClass is out there where I can find the top notes for all of my classes. Now I can be the all-star student I want to be.

Saarim — University of Michigan
Jenna — University of Wisconsin

As a college student living on a college budget, I love how easy it is to earn gift cards just by submitting my notes.

Jenna — University of Wisconsin
Anne — University of California

OneClass has allowed me to catch up with my most difficult course! #lifesaver

Anne — University of California
Description
Features qualities tangibleintangible that company build into its product ex 12 horsepower motor on a lawn mowerValue package product marketed as a bundle of value adding attribute serviceintangibleGreat value with more benefit at reasonable cost choice of colour fast ordering to increase satisfactionConsumer productConvenience goods inexpensive bought and used rapidly and regularly spend little time looking or comparing price ex milk and newspaper fast food restaurantsShopping goods more expensive purchase less frequently spend time comparing prices ex tires insuranceSpecialty goods expensive purchase rarely spend a lot of time ex wedding gownsIndustrial productexpense items inexpensive consume rapidly and regularly within 1 yearcapital items expensive long lasting long life 1 yearProduct mix group of products a company has available for saleProduct line group of similar product intended for similar buyer who use them in similar fashion ex iced tea then later add only teaDeveloping new productsthe more rapidly product move from laboratory to market place more likely to survivespeed to market strategy of introducing new products to respond quickly to customer and market changesDevelopment processproduct ideas screening eliminate ideas concept testing identify benefit business analysis meet minimum profit goalPrototype development produce product testing and marking commercializationwwwnotesolutioncom
More Less
Unlock Document


Only pages 1-2 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


OR

Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit