Management and Organizational Studies 1023A/B Lecture Notes - Lecture 9: Intangibility, Private Label, Ikea

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Maco

Document Summary

Product: good, service or idea, consisting of a bundle of tangible and intangible attributes. Intangible activities, benefits or satisfactions (taking a vacation or going to movie: primary services: bank providing bank accounts and supplementary is bank providing parking. Intangibility: services generally cannot be held, touched, or seen before a purchase. Inconsistency: the quality of a service is dependent on the people who provide it: training will help reduce inconsistency. Inseparability: in most cases, the consumer cannot separate the deliverer of the service from the service itself: hard to separate company from people who run it. Inventory: services cannot necessarily be stored and accessed when in demand. Total product concept: core product: benefits derived from using the product, ex. Bicycle providing transportation: actual product: physical good or service including branding, design and features, ex. Bicycle is a branded product with a metal frame: augmented product: additional features such as warranty or installation, ex.