BU121 Chapter Notes - Chapter 4: Direct Marketing, Personal Selling, Inventory Control

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Large, expensive capital items that determine the nature, scope and efficiency of a company: accessories. Do not have the same long-run impact on the company as installations, and they are less expensive and more standardized, but they are still capital products: component parts and materials. Expense items that are built into the end product: raw materials. Expense items that have undergone little or no processing and are used to create a final product: supplies. Do not become part of the final product. They are bought routinely and in fairly large quantities: services. Expense items used to plan or support company. The product life cycle: product life cycle: pattern of sales and profits over time for a product or product category; consists of an introductory stage, growth stage, maturity stage, and decline stage, introduction. When it enters the cycle, it faces many obstacles. Usually features frequent product modifications, limited distribution, and heavy promotion.

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