BU121 Chapter Notes - Chapter 4: Marketing Strategy, Price Skimming, Durable Good
Document Summary
Product: in marketing, any good or service, along with its perceived attributes and benefits, that creates value for the customer. Brand: a name, design, symbol, specific colour, slogan, or any other feature that identifies a product, distinguished it from other products, and creates a perception in the minds of consumers. Consumer products: products that are bought by the end user. E. g. razors, sandwiches, cars, stereos, magazines and houses. Consumer non-durables: consumer products that get used up, such as potato chips. Consumer durables: consumer products that last for a long time, such as a washing machine or a laptop. Convenience products: relatively inexpensive items that require little shopping effort and are purchased routinely without planning: soft drinks, bread, candy bars, milk, coffee, very little or minimum effort required. Shopping products: items that are bought after considerable planning, including brand-to-brand and store-to-store comparisons of price, sustainability, and style: automobiles, homes, vacations.
