RSM100Y1 Chapter Notes - Chapter 16: Wedding Dress, Test Market, Business Analysis
Document Summary
Rsm 100y chapter 16: developing & promoting goods/services. Its features are the intangible/tangible qualities that is apart of a product. A product is considered a bundle of attributes known as a value package. A bundle of value-adding attributes including reasonable cost. Not all benefits/features are visible, also sociality, and prestige benefits. Goods consumed rapidly, which are inexpensive, leading to little comparison between them or their prices (milk, fast food) More expensive goods purchased/consumed less frequently; consumers will compare price, brand, style, performance (tires, insurance) One-time, or slowly consumed purchases, thy are really expensive. They will have a specific need with no substitutes allowed (wedding gown) Items which are consumed within a year for the purposes of production, most commonly would be raw materials used in production. Items which are used over a long period of time (consumed in greater than a year) which are essentially permanent (machinery, computers) The variety of products a firm has to offer.
