MKTG 341 Chapter Notes - Chapter 9: Durable Good, Intangibility, Open Innovation
10 Dec 2014
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Product- a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers needs and is received in exchange for money or something else of value. A good has tangible attributes that a consumers five senses can perceive. A good can also have intangible attributes consisting of its delivery or warranties and embody more abstract concepts, such as becoming wealthier or healthier. Goods can be divided into durable and nondurable. Nondurable good: an item consumed in one or a few uses (ex; food and fuel) Durable good: one that usually lasts over many uses (shoes, cars, cellphones) Services are intangible activities or benefits that an organization provides to satisfy consumers" needs in exchange for money or something else of value. Idea: a thought that leads to a product or action. 1 consumer products: products purchased by the ultimate consumer.
