MKF1120 Lecture Notes - Lecture 7: Retail, Life Insurance, Nerd
18 Jul 2018
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A product is a good, service or idea offered to the market for exchange. Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or a want. (refer to week 2 for examples) Potential: what is possible, should it be desired. Materials and parts: products which beco(cid:373)e part of the (cid:271)uyer"s produ(cid:272)t (e. g. raw materials, commodities, manufactured materials and parts) Capital items: produ(cid:272)ts (cid:449)hi(cid:272)h aid i(cid:374) the (cid:271)uyer"s (cid:373)a(cid:374)ufa(cid:272)turi(cid:374)g or service operations (e. g. buildings, machinery, office equipment) Supplies and services: industrial products (cid:449)hi(cid:272)h do (cid:374)ot e(cid:374)ter the (cid:271)uyer"s finished product (e. g. electricity, paper supplies, legal services) Category -> line -> item (sku) / e. g. Product category: a group of products with functional coherence. Product line: a group of products within a product class that are closely related. Product item: an individual product within a product line (sku).
