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MKT 327 Exam 2 Chapters 10-18 Outline

MKT 327 Exam 2 Chapters 10-18 Outline - Promotional...

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Promotional chapters most important- personal selling, advertising, sales promotion; spend most time here Chapter 10 Developing New products and Services I. What are products and services? Product- o 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. Non-Durable goods – goods that are consumed in one more uses Durable goods- is one that usually last over many uses. Services- o Intangible activities or benefits that an organization provides to satisfy consumers needs in exchange for money or something else of value Ideas- a thought that leads to an action, such as a concept for a new invention or getting people out to vote. II. Classifying Products Consumer Products- o Products purchased by the ultimate consumer Consist of Convience products, shopping products, specialty products, and unsought products. Business Products- also called B2B products or industrial products. o Products organizations buy that assist in providing other products for resale Major characteristic of business products is that their sales are often the result of derived demand. Product Item- A specific product that has a unique brand, size, or price. o Stock Keeping Unit (SKU) – a unique identification number that defines an item for ordering or inventory purposes. Product Line- a group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range. o Ex. Nike product line includes shoes and clothing. Product Mix- consists of all of the product lines offered by an organization. o Ex. Cray,Inc has a small product mix of four super computer lines that are sold mostly to governments and large businesses. Classifying Services- o Classified in 3 categories. By people or equipment, business firms or non profit organizations, government agencies III. The Uniqueness of services
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Four I’s Of services- o Intangibility- Services cant be touched or seen before the purchase decision. o Inconsistency – Services depend on the people who provide them o Inseparability- That the consumer cannot distinguish the service provider from the service itself o Inventory- Many goods have inventory handling costs that relate to their storage, perishability, and movement. With services these costs are more subjective and are related to Idle Production Capacity- When the service provider is available but there is no demand for the service IV. The new product process New product Process- The seven stages an organization goes through to identify business opportunities and convert them in to salable products or services.
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MKT 327 Exam 2 Chapters 10-18 Outline - Promotional...

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