Management and Organizational Studies 1021A/B Chapter Notes - Chapter 7: Gross Domestic Product, Store Brand, Durable Good

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: Sarah Ross

Document Summary

The essence of marketing lies in managing and developing products and brands. A product is a good, a service, or an idea, consisting of a bundle of tangible and intangible attributes. Tangible attributes include physical characteristics such as colour or sweetness, and intangible attributes include those aspects of a product that can"t be touched, . Even offline products develop a strong web presence, realizing that the first point of contact with consumers is often online at a company website or on its facebook page. In the service industry, it is useful to distinguish between a company"s primary service and its supplementary services. Supplementary services often allow products to differentiate their offerings from the competition while also adding value to consumers. Canada has a strong service-based economy, which makes up approximately. 72 to 75 percent of its gross domestic product (gdp) Many goods are augmented with intangible services.