MGMT 1 Chapter Notes - Chapter 14: Psychological Pricing, Target Costing, Brand Awareness
21 Jul 2016
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Value good quality at a fair price. When consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs. Distributed product development handing off various parts of your innovation process often to companies in other countries. Total product offer everything that consumers evaluate when deciding whether to buy something; also called a value package. Product line a group of products that are physically similar or are intended for a similar market. Product mix the combination of product lines offered by a manufacturer. Product differentiation the creation of real or perceived product differences. Convenience goods and services products that the consumer wants to purchase frequently and with a minimum of effort. Shopping goods and services those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers. Specialty goods and services consumer products with unique characteristics and brand identity.
