MGT 200 Lecture Notes - Lecture 9: Cash Flow, Inventory Turnover
Document Summary
A good, service, or idea received in exchange- differences are in levels of tangibility. Service- intangible result of application to people or objects (pay for labor and expertise) Total product = core product + supplemental features + symbolic & experiential benefits. Symbolic & experiential benefits- purchase benefits they think product will provide. The symbolic meaning behind the product- prada jeans for example. Consumer products- purchased to satisfy personal and family needs. Many retail outlets, low gross margins, little promotion, packaging important. Shopping product- spend considerable effort in planning and making purchases. Expected to last a long time, fewer retail outlets, high gross margins, supported. Specialty- considerable investment; unique characteristics for considerable effort. No close subs or alternatives; small # of retail outlets; expensive. Speed and resolution of utmost important- price not considered. Business products- used in operations, to resell, or make other products. Accessory equipment- used in production or office activities. Component parts- can identify the difference- buttons on jeans.
