RSM100Y1 Chapter 12: RSM100Y1 Chapter 12 Notes
Document Summary
Product: a bundle of physical, service, and symbolic characteristics designed to satisfy consumer wants. Product strategy focuses on the benefits of a good or service. Each item"s classification is based on the buying patterns of most of the people who purchase it. Business goods can be classified into: capital items: products that are long-lived and relatively expensive, expense items: less costly products that are consumed within a year. They can be further categorized into: installations: major capital items that are expensive and often involve buyer and seller negotiations that can last long periods of time. Installations and many component parts are marketed directly from manufacturer to business buyer. Supplies and accessory equipment are instead advertised because their products are often sold through an intermediary (i. e. wholesaler). Product line: a group of related products that share physical similarities or are targeted toward a similar market.