RSM100Y1 Chapter Notes - Chapter 16: Brand Equity, Brand Loyalty, Business Analysis
Features: qualities-tangible and intangible-that a company builds into its products. Value package: product marketed as a bundle of value-adding attributes, including reasonable cost. Convenience goods/services: relatively inexpensive consumer goods or services that are brought and used rapidly and regularly, causing consumers to spend little time looking for them or comparing their prices. Shopping goods/services: moderately expensive consumer goods or services that are purchased infrequently, causing consumers to spend some time comparing their prices. Specialty goods/services: very expensive consumer goods or services that are purchased rarely, causing consumers to spend a great deal of time locating the exact item desired. Product mix: the group of products a company has available for sale. Product line: a group of similar products intended for a similar group of buyers who will use them in a similar fashion. The time frame of new product development. Speed to market: strategy of introducing new products to respond quickly to customer and/or market changes.