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RSM100Y1 (431)
Chapter 12

RSM100Y1 Chapter 12 Notes

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University of Toronto St. George
Rotman Commerce
Michael Khan

RSM100Y1 Textbook Notes Chapter 12Product a bundle of physical service and symbolic characteristics designed to satisfy consumer wantsProduct strategy focuses on the benefits of a good or serviceConsumer goods and services can be classified into o Convenience products items that consumers purchase frequently immediately and with little effort ie newspaper coffee etc o Shopping products products that are usually purchased only after the buyer has compared competing products in competing stores ie new sofa dining room table etc o Specialty products products that a purchaser is willing to make a special effort to obtainEach items classification is based on the buying patterns of most of the people who purchase itBusiness goods can be classified into o Capital items products that are longlived and relatively expensive o Expense items less costly products that are consumed within a yearThey can be further categorized into o Installations major capital items that are expensive and often involve buyer and seller negotiations that can last long periods of time Approval is often needed by many members of a firm before an installation is purchased ie heavy equipment and machinery o Accessory equipment capital items but are usually less expensive and shorter lived than installations and involve fewer decisionmakers ie hand tools fax machines etc o Component parts and materials finished business goods that become part of a final product such as disk drives sold to computer manufacturers o Raw materials farm and natural products used to produce other final products ie milk wood leather etc o Supplies expense items used in a firms daily operation that do not become part of the final product ie paper clips light bulbs etcInstallations and many component parts are marketed directly from manufacturer to business buyerSupplies and accessory equipment are instead advertised because their products are often sold through an intermediary ie wholesalerProduct line a group of related products that share physical similarities or are targeted toward a similar marketProduct mix the assortment of product lines and individual goods and services that a firm offers to consumers and business usersMarketers must continually assess their product mix for a few reasons to ensure company growth to satisfy changing consumer needs and wants and to adjust to competitors offerings
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