MGTA02H3 Chapter 6: Chapter 6 textbook notes

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28 Apr 2011
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MGTA02H3 Full Course Notes
MGTA02H3 Full Course Notes
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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) (cid:0) great value with more benefit at reasonable cost, choice of colour, fast ordering to increase satisfaction. Industrial product: (cid:0) expense items: inexpensive, consume rapidly and regularly (within 1 year) (cid:0) 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 (cid:0) the more rapidly product move from laboratory to market place, more likely to survive (cid:0) speed to market: strategy of introducing new products to respond quickly to customer and market changes.