BUS100 ch13 - > > > > > > > > Chapter 13 Product and...

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> > > > > > > > Product and Distribution Strategies Chapter 13
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Explain marketing’s definition of a product and list the components of the product strategy. Describe the classification system for consumer and business goods and services. Distinguish between a product mix and a product line. Briefly describe each of the four stages of the product life cycle. List the stages of the new-product development process. Explain how firms identify their products. Outline and briefly describe each of the major components of an effective distribution strategy. Identify the various categories of distribution channels and discus the factors that influence channel selection. Learning Goals 1 2 3 4 5 6 7 8
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Product - bundle of physical, service, and symbolic attributes. Convenience products - items the consumer seeks to purchase frequently, immediately, and with little effort. Shopping products - typically purchased only after the buyer has compared competing products in competing stores. Specialty products - items that a purchaser is willing to make a special effort to obtain. Product Strategy
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Product Classification
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Installations - major capital items, such as new factories, heavy equipment and machinery, and custom-made equipment. Accessory equipment - includes less expensive and shorter- lived capital items than installations and involves fewer decision makers. Component parts and materials - become part of a final product. Raw materials - farm and natural products used in producing other final products. Supplies - expense items used in a firm’s daily operation that do not become part of the final product. Classifying Business Goods
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In B2B, greater emphasis on personal selling for installations and many component parts. May involve customers in new-product development . Advertising more commonly used to sell supplies and accessory equipment. Also a greater emphasis on competitive pricing strategies. Marketing Strategy Implications
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Product Lines and Product Mix Product line - group of related products that are physically similar or are intended for the same market. Product mix – a company’s assortment of product lines and individual offerings.
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Product Life Cycle Product life - four basic stages—introduction, growth, maturity, and decline—through which a successful product progresses.
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Introduction stage
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