Chapter 10 - [Chapter 10] Developing New Products and...

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[Chapter 10] Developing New Products and Services 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. o Good: tangible attributes that a consumer’s 5 senses can perceive. Nondurable good: an item consumed in one or few uses (food) Usually emphasizes advertising. Durable good: lasts over many uses (appliances) Usually emphasizes personal selling. o Service : intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value. o Idea: a thought that leads to an action such as a concept for a new invention or getting people out to vote. Consumer products : products purchased by the ultimate consumer Examples: PAGE 248 o Convenience products : consumers purchase frequently, conveniently, and with minimal shopping effort o Shopping products : consumer compares several alternatives on criteria such as price, quality, or style. o Unsought products : consumer does not know about or knows about but does not initially want. Business product : (aka B2B products or industrial products) products that organizations buy that assist in providing other products for resale. o Their sales are often a result of derived demand [sales of business products frequently result - or are derived – from the sale of consumer products]. o May be classified as components [items that become part of the final product] or support products [used to assist on producing other goods and services]. Include raw materials – grain, lumber. Installations, accessory equipment, supplies, industrial services.
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This note was uploaded on 10/04/2011 for the course MKTG 3104 taught by Professor Ebcoupey during the Spring '08 term at Virginia Tech.

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Chapter 10 - [Chapter 10] Developing New Products and...

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