MM1 - Lecture 11 - Oct 6 2011 - OnCourse

MM1 - Lecture 11 - Oct 6 2011 - OnCourse -...

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Understanding Products and Services MGCR 352 October 6, 2011
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Objectives Understand what are Products and their types. Evaluate the decisions involved with selling new products. Discuss Services and how they are different from products. Understand differences between incremental and radical new product ideas Highlight why new products succeed or fail and what can firms do about failure
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What Is a Product? n A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want. n Consumer Products n Business Products q Materials and parts q Capital items q Supplies and services
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What are you buying?
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What are you buying?
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Is a Product just the Physical Good?  Core Benefit Actual Product Brand Name Packaging Features Augmented Product Experience Community
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Types of Consumer Products – Convenience n Types of Consumer Products q Convenience q Shopping q Specialty q Unsought n Frequent purchases bought with minimal buying effort and little comparison shopping n Low price n Widespread distribution n Mass promotion by producer q Snack foods, toiletries, food products q Importance of Differentiation
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n Types of Consumer Products q Convenience q Shopping q Specialty q Unsought n L e s s f r e q u e n t p u r c h a Types of Consumer Products – Shopping
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n Types of Consumer Products q Convenience q Shopping q Specialty q Unsought n S t r o n g b r a n d p r e f e r e Types of Consumer Products – Specialty
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n Types of Consumer Products q Convenience q Shopping q Specialty q Unsought n L i t t l e p r o d u c t a w a r e Types of Consumer Products – Unsought
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Individual Product Decisions that Firms Need to  Make
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This note was uploaded on 11/23/2011 for the course MGCR 2049 taught by Professor Edwardbierbrier during the Fall '10 term at McGill.

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MM1 - Lecture 11 - Oct 6 2011 - OnCourse -...

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