RSM100Y1 Chapter Notes - Chapter 12: Universal Product Code, Brand Equity, Retail
Document Summary
Product a bundle of physical, service, and symbolic characteristics designed to satisfy consumer wants. Marketing conception of a product includes: package design brand name, trademarks, warranties, product image, new-product development, and customer service. Classifying goods and services: b2c or b2b. B2c not for resale: convenience products, shopping products, and specialty products. Business products: goods and services that are used in operating an organization (machinery, tools, raw materials, components, etc. ) Classified by how products are used: capital items (long-lived) and expense items (consumed within a year) Difficult to standardize have to meet individual customers" needs. Installations and component parts are marketed directly from manufacturer to business buyer personal selling custom made. Supplies and accessory equipment rely more on advertising sold through an intermediary competitive pricing strategies, product quality and customer services. Product line a group of related products that share physical similarities or are targeted toward a similar market.
