ADMS 2200 Chapter 10: Chapter 10
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22 Feb 2019
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Products can be goods or services and their purpose is to satisfy the customer needs and wants. Tangible products or items that customers can see, hear, smell, taste, or touch. A huge contribution to the canadian economy (75%). A product used to manufacture other goods or service to sell. A product to satisfy individual wants or needs. Examples: customer buys a adidas shoes from adidas store. Examples: whole sales stores sale goods to small convenience stores. Products that are currently popular and tend to follow reputed life cycle. Products with short life cycles with brief popularity (trend) and than quickly fade. Series of related products offered by one company. Product mix width - # of product lines a firm offers. Product mix length - # of different products a firm sells. Product mix depth - # of products in each product line that the firm markets. Introducing a new product without strategizing and planning affects sales of existing products.