Chapter 10 - Chapter 10 - 1. 2. 3. 4. What are products and...

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Chapter 10 - What are products and services? o Product – a 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 Nondurable good – item consumed in one or a few uses, such as food products and fuel. (Rely heavily on consumer advertising) Durable good – usually lasts over many uses, such as appliances, cars, and mobile phones. (emphasize personal selling) o Services – intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something of value. o Idea- thought that leads to an action such as a concept for a new invention, or getting people out to vote o Classifying products Consumer products 1. Convenience Products – items that the consumer purchases frequently, conveniently, and with minimum shopping effort 2. Shopping products – items for which the consumer compares several alternatives on criteria such as a price, quality, or style. 3. Specialty Products – items that the consumer makes a special effort to search out and buy 4. Unsought products – items the consumer does not know about or know about but does not initially want Business Products (B2B products or industrial products) Sales are often the result of derived demand ( sales of business products frequently result from the sale of consumer products) Components – items that become part of the final product (raw materials such as grain or lumber, as well as assemblies or parts) Support Products – items used to assist in producing other goods
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Chapter 10 - Chapter 10 - 1. 2. 3. 4. What are products and...

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