Marketing CH 10 - CHAPTER 10: DEVELOPING NEW PRODUCTS AND...

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C HAPTER 10: D EVELOPING N EW P RODUCTS AND S ERVICES Product: a good or 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. A Look at Goods, Services, and Ideas 1) Good : tangible attributes that a consumer’s five senses can perceive. a) Nondurable Good an item consumed in one or few uses, such as food products b) Durable Good one that usually lasts over many uses, such as mobile phones 2) Services : intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of values 3) Idea : a thought that leads to an action such as a concept for a new invention Classifying Products 1) Consumer Product : products purchased by the ultimate consumer a) Four types of consumer products differ in terms of the effort the consumer spends on the decision, attributes used in making the purchase decision, and frequency of purchase. a.i) Convenience products: purchased frequently a.ii) Shopping products: compare several alternatives a.iii) Specialty products: make an effort to search out and buy a.iv) Unsought products: unknown items or initially do not want 2) Business Product : products that organizations buy that assist in providing other products for resale a) Sales are often a result of derived demand , sales of business products frequently result from the sale
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Marketing CH 10 - CHAPTER 10: DEVELOPING NEW PRODUCTS AND...

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