Chapter 14

Chapter 14 - Chapter14 19:48

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Chapter 14 19:48 Value : Good quality at a fair price. 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 Total Product Offer : Everything that consumers evaluate when deciding whether  to buy something; also called a value package Product line : A group of products that are physically similar or are intended for a  similar market Product mix : The combination of product lines offered by a manufacturer Product differentiation : The creation of real or perceived product differences 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. Because these products are perceived as having no  reasonable substitute, the consumer puts forth a special effort to purchase them Unsought goods and services : Products that consumers are unaware of,  haven’t necessarily thought of buying, or find that they need to solve an 
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This note was uploaded on 02/01/2011 for the course BMGT 110 taught by Professor Nelson during the Spring '08 term at Maryland.

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Chapter 14 - Chapter14 19:48

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