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Business and Management
BMGT 350
Roxanne Leftkoff

350Chapter 1031514Product concepts tangible or intangibleservice or imageTypes of consumer productsBusiness product used to manufacture other goods or services to facilitate an organizations operations or to resell to other customersConsumer product bought to satisfy an individuals personal wantsConvenience products relatively inexpensive item that merits little shopping effortCandy soft drinks aspirinneed wide distribution so available everywhereShopping products requires comparison shopping because its usually more expensive than a convenience product and is found in fewer storesHomogeneousall products basically the same fridgeheterogeneousproducts are essentially different clothes collegesSpecialty products item for which customers search extensively and are very reluctant to accept substitutesNot found many places rolls Royce omega watches Ruths Chris steak houseUnsought products product unknown to the potential buyer or a known product that the buyer does not actively seekextensive advertising needed until convinced to buy insurance burial plotsProduct items Lines and MixesProduct item specific version of a product that can be designed as a distinct offering among an organizations products Campbells cream of chicken soup specific version of a coke cancans and bottles are different itemsProduct line group of closely related product items soupsProduct mix all products that an organization sells all Campbells productsBenefits of a product lineAdvertising economieseconomies of scale can use advertising for the whole linePackage uniformitycommon look with individual identitiesStandardized componentsreduce costsEfficient sales and distributiongives full range of choicesEquivalent qualityconsumers believe whole line is equal qualityProduct mix width number of product lines an organization offers soup sauce frozen foodincrease to diversify risk and capitalize on reputationsProduct line depth number of product items in a product line all types of soupIncrease to attract buyers increase sales and profitsAdjustments to Product Items Lines and Mixes
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