MGTA05H3 Lecture 2: Needs and Wants
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Product: what purchaser hopes to get, or believes in getting when they purchase a good or service. A good or service that fills needs and/or satisfies wants. Services are more difficult to produce compared to goods: Immediacy goods can be stored, services cannot. They usually require customers to be there to perform. Customization goods are identical, services are not. Purchased by other businesses to use directly or indirectly in producing other products (especially goods) few number of buyers. Price is important criterion function is key criterion. Value package the tangible and intangible package of benefits functions and features that a business has, to offer its customers function. What product is intended to do benefits. Usually i(cid:374)ta(cid:374)gi(cid:271)le, su(cid:272)h as status i(cid:373)age a(cid:374)d reputatio(cid:374)" features. Additional attributes which contributes in improved usefulness or experience consumer products convenience: inexpensive, purchased regularly, consumed quickly, little time and effort spent shopping: more expensive, more time and effort spent evaluating alternatives, purchased less frequently, more features!
