BMGT 110 Chapter 14: Nickels Ch. 14 Notes.docx

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 110
• Professor: Richard Frank

Document Summary

Chapter 14: when consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs, product development is a key activity in any modern business, anywhere in the world. to buy something; also called a value package, total product offer everything that consumers evaluate when deciding whether, product line a group of products that are physically similar or are intended for a, product mix the combination of product likes offered by a manufacturer, product differentiation the creation of real or perceived product differences, classification of consumer goods and services: similar market, convenience goods and services products that the consumer wants to purchase frequently and with a minimum of effort, shopping goods and services those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers, specialty goods and services consumer products with unique characteristics and brand identity.