MKT 320F Lecture Notes - Lecture 4: Normal Distribution, Marketing Mix, Planned Obsolescence
Document Summary
Chapter 10: product concepts - sections (10. 1 - 10. 3) The product offering, the heart of an organization"s marketing program is usually the starting point in creating a marketing mix. A marketing manager cannot determine a price, design a promotion strategy, or create a distribution channel until the firm has a product to sell. Product: everything, both favorable and unfavorable, that a person receives in an exchange. May be a tangible good, a service, an idea or a combination of all three. Packaging, style, color, options and size are some typical product features. Products can be classified as either business or consumer, depending on the buyer"s intentions. The key distinction between the two types of products if their intended use. Business product: used to manufacture other goods or services, to facilitate an organization"s operations, or to resell to other customers. Consumer product: is bought to satisfy an individual"s personal wants or needs.
