BUSI 2202U Lecture Notes - Lecture 2: Genius Bar, Business Analysis, Brainstorming
Document Summary
A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchanged for money or some other unit of value. Knowing what consumers value both functionally and emotionally. All of these components are opportunities to exceed customer expectations. Manage the entire ecosystem surrounding your product. One brand, closely related products under the brand. Example: tides sells dozens of related laundry cleaning products. Multiple brands, all containing their own unique products. Example: proctor and gamble owns tide, as well as dozens of other brands, each carrying their own line of products. Product lines: streamlined effort and focus on one product line, less potential for revenue/growth if that industry becomes saturated or highly competitive. Product mix: much greater revenue potential (diverse segments, cannibalization, costs, loss of focus. Products used and purchased by the ultimate consumer. Products that assist directly or indirectly in providing products for sale.
