Ch 10 outline - Developing New Products Services Lesson...

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Developing New Products & Services Lesson Objective 1: Recognize the various terms that pertain to products and services Product: good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value. Good : tangible that the 5 senses can perceive. (ex. iPhone) 1. Nondurable good: item consumed in 1 or few uses such as food and fuel ex. Wrigley’s gum, gets ADVERTISED 2. Durable good: lasts over many uses, such as appliances, cars and mobile phones ex. Cars, get PERSONALLY SOLD Services: intangible activities or benefits than organization provides ex. accountant filling out your tax return Idea: a thought that leads to an action such as a concept for new invention or getting people to vote Lesson Objective 2: Classifying business products and services. Consumer products: products purchased by the ultimate consumer 1. Convenience products: frequently purchased, conveniently, minimum effort ex. toothpaste, cake mix, hand soap 2. Shopping products: compares alternatives on price, quality or style ex. cameras, tvs, briefcases, airline tickets 3. Specialty products: special effort to search out and buy ex. rolls Royce car, Rolex watch, heart surgery 4. Unsought products: items a consumer doesn’t know about or knows about but does not initially want to buy. ex. burial insurance, thesaurus Business products: products that an organization buys that assists in providing other products for resale - Business product sales are a result of derived demand: sales of the products are derive from the sale of consumer products.
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