TR Chapter 11 - Copyright © 2007 by Nelson a division of Thomson Canada Limited Chapter 11 Chapter 11 Product and Product and Service Strategies

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Unformatted text preview: Copyright © 2007 by Nelson, a division of Thomson Canada Limited Chapter 11 Chapter 11 Product and Product and Service Strategies Service Strategies 11-2 Copyright © 2007 by Nelson, a division of Thomson Canada Limited Chapter Objectives Chapter Objectives 1. Define the term product and distinguish between goods and services and how they relate to the goods-services continuum. 2. Explain the importance of the service sector in today’s marketplace. 3. List the classifications of consumer goods and services and briefly describe each category. 4. Describe each of the types of business goods and services. 5. Explain how quality is used by marketers as a product strategy. 6. Explain why firms develop lines of related products. 7. Describe the way marketers typically measure product mixes and make product mix decisions. 8. Explain the concept of the product life cycle and identify the different stages. 9. Describe how a firm can extend a product’s life cycle. 11-3 Copyright © 2007 by Nelson, a division of Thomson Canada Limited What is a Product? What is a Product? Product: Product: bundle of physical, service, and symbolic attributes designed to enhance buyers’ want satisfaction 11-4 Copyright © 2007 by Nelson, a division of Thomson Canada Limited What are Goods and Services? What are Goods and Services? Service: Service: intangible activity that satisfies consumer or business user needs Goods-services continuum: Goods-services continuum: device that helps marketers to visualize the differences and similarities between goods and services See your text for several examples of a goods-services continuum 11-5 Copyright © 2007 by Nelson, a division of Thomson Canada Limited Characteristics that distinguish Characteristics that distinguish services from goods: services from goods: Intangibility Inseparability Perishability Difficulty of standardization Frequent requirement of interaction between Buyer and Seller Variability 11-6 Copyright © 2007 by Nelson, a division of Thomson Canada Limited Importance of the Service Sector The service sector makes up more than 70% of the economy. Seven out of ten Canadians work in service jobs. Services also play a crucial role in the international competitiveness of Canadian firms. Concerns include offshoring service jobs such as customer service call centers. 11-7 Copyright © 2007 by Nelson, a division of Thomson Canada Limited Classifying Goods and Services for Classifying Goods and Services for Consumer and Business Markets Consumer and Business Markets Consumer products Consumer products : products destined for use by ultimate consumers Business (or B2B) products Business (or B2B) products : those that contribute directly or indirectly to the output of other products for resale Also called industrial or organizational products 11-8...
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This note was uploaded on 02/06/2011 for the course ADMS 2200 taught by Professor Lao during the Spring '10 term at York University.

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TR Chapter 11 - Copyright © 2007 by Nelson a division of Thomson Canada Limited Chapter 11 Chapter 11 Product and Product and Service Strategies

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