MGMT 105 Chapter Notes - Chapter 10: Planned Obsolescence
10 Jul 2018
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Document Summary
A product may be defined as everything, both favorable and unfavorable, that a person receives in an exchange. The way consumers believe others will view the product. A business product is used to manufacture other goods or services, to facilitate an organization"s operations, or to resell to other customers. A consumer product is bought to satisfy an individual"s personal wants. A convenience product is a relatively inexpensive item that merits little shopping effort. A shopping product is usually more expensive than a convenience product and is found in fewer stores. When consumers search extensively for a particular item and are very reluctant to accept substitutes, that item is a specialty product. A product unknown to the potential buyer or a known product that the buyer does not actively seek is referred to as an unsought product. A product item is a specific version of a product that can be designated as a distinct offering among an organization"s products.
