MARK20100 Chapter Notes - Chapter 7: Disruptive Innovation, Cash Flow, Cash Flow Statement
Document Summary
Product is more than just the tangible object product experience. Product= anything that delivers value to satisfy a need or want and includes physical merchandise, services, events, people, places, organizations, information, even ideas. A product is a brand, and within each product a company may develop a number of product items. Stock-keeping unit (sku)= a unique identification number used to track a product through a distribution system, inventory management, and pricing. Essential benefit= the fundamental need met by the product: ex. essential benefit of plane ticket is to get to your destination. Core product= the physical, tangible elements that companies translate the essential benefit into: need to understand customer expectations to be successful in creating core product experience. Enhanced product extends the core product to include additional features, designs, and innovations that exceed customer expectations. Product classifications: tangibility product vs. services. Tangible products can have intangible characteristics and vice versa: durability the length of the product usage.
