BMGT 110 Chapter Notes - Chapter 14: Psychological Pricing, Yle, Fixed Cost
31 Oct 2016
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Product development and the total product offer. Value is how people view a product. If the product is seen as useful or a want, people will buy it. If the product is seen as useless, people will ignore it. E(cid:448)e(cid:396)y day, (cid:448)alue (cid:272)ha(cid:374)ges (cid:271)e(cid:272)ause (cid:272)o(cid:374)su(cid:373)e(cid:396)s" taste (cid:272)ha(cid:374)ges or competition. Businesses try new ideas to adapt to these changes or competition. Distributed product development: handing off various parts of your innovation process to other companies. Total product offer: factors that the consumers evaluate before buying a product. Intangible: able to receive package, brand name, and price. High quality products at low prices are a sweet deal. Product line: a group of products that are similar or intended for a similar market. Product mixes: a combination of product lines. Product differentiation: customers perceive similar products as different. Creative product differentiation leads to big market shares. Marketing different classes of consumer goods and services.
