BCOR 2400 Chapter 10 Student Handouts

BCOR 2400 Chapter 10 Student Handouts - An Introduction to...

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An Introduction to Products A product is anything that can be offered to a market  for attention, acquisition, use or consumption that  might satisfy a want or a need.  Broadly defined,  products can consist of anything that can be  marketed: physical objects, services, persons,  places, organizations, and ideas. From Text: A product is a good, service, or idea  consisting a bundle of tangible and intangible  attributes that satisfies consumers and is received in  exchange for money or some other unit of value.
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Three Levels of a Product
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Product Lines and Mixes Product Item One item that a firm sells, often an “SKU”. Product Line A closely related group of products. Product Mix All the product lines offered by a firm.
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Product Classifications Consumer vs. Industrial Level of Tangibility Classification of Consumer Products Convenience Shopping Specialty Unsought See Figure 10-1, p. 265
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The 4 I’s of Services Intangibility Inconsistency Inseparability Inventory
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New Products What makes a product new?
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