ADM2320X summer 2008-ch.10

ADM2320X summer 2008-ch.10 - Developing new products and...

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1 Developing new products and services Chapter Ten
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2 Definitions Product is a good, service or idea consisting of 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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3 Definitions Product line is a group of products that are closely related; they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range
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4 Definitions Product item is a specific product as noted by a unique brand, size or price. A product line consists of product items . Product mix is the number of product lines offered by a company .
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5 Classifying Products Type of user: Consumer goods are purchased by consumers Business (B2B) goods assist directly or indirectly in providing goods for re-sale Can be both (i.e. home office supplies – stapler) Degree of tangibility: Nondurable good: consumed when used over short time period Durable good: used many times over a long time period Services: tangibles are associated with the delivery of services Hotel accommodation is a service, but hotel facilities are tangibles
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6 Classification of Consumer Goods (see figure 10-1 on p. 259 of textbook) Convenience goods – purchased frequently and with little effort ( low involvement ) Shopping goods – alternatives are compared on price, quality and style ( high involvement
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This note was uploaded on 12/08/2009 for the course TEFLER ADM1300 taught by Professor Koppel during the Fall '09 term at University of Ottawa.

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ADM2320X summer 2008-ch.10 - Developing new products and...

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