Textbook Notes - Jan 30.docx

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 1021A/B
Professor
James O' Brien
Semester
Winter

Description
MOSTextbook NotesChapter 7Products and BrandsTypes of ProductsIn marketing a product is a good a service or an idea consisting of a bundle of tangible and intangible attributes o Tangible attributes include physical characteristics such as colour or sweetness and intangible attributes include those aspects of a product that cant be touched such as the way driving a Porsche may make you feel or how a product makes you healthierProducts are divided into three main categories o Nondurable goodsitems that do not last and that are consumed only once or for a limited number of timesEx Food o Durable goodsa product that lasts for an extended period of time Ex appliances and automobiles o Servicesintangible activities benefits or satisfactions offered for saleEx Banking and visits to the doctorServices have primary services and supplementary servicesSupplementary services often allow services to differentiate their offerings from competitors while adding value for consumersAs companies look at what they bring to market there is a range from the tangible to the intangibledefined as the service continuum The Uniqueness of Services There are four unique elements to services referred to as the four Is of servicesIntangible o Cant be held touched or seen before the purchase o To help consumers assess and compare services it is important for marketers to demonstrate the benefits of using the serviceInconsistency o Developing pricing promoting and delivering services is challenging because the quality of a service is often inconsistentInseparability o In most cases the consumer cannot separate the deliverer of the service from the service itselfInventory o Issues arise due to the fluctuating demand for services throughout the day and the difficulty in assessing the manpower needed to service these needs o Idle production capacity refers to when the supply of the service exceeds its demandProduct Elements The Total Product ConceptMarketers views products as having three different layers o The Core Product
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