MGTA01H3 Chapter Notes - Chapter 6: Business Analysis
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MGTA01H3 Full Course Notes
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Document Summary
Markets must consider what consumers really buy when they purchase products (whether it be ideas, goods, or services) Customers get value form the various benefits, features, and even intangible rewards associated with a product. Features the qualities, both tangible and intangible, that a company builds into its products. To attract buyers, features also must provide benefits. Value package product marketed as a bundle of value-adding attributes, including reasonable cost. Buyers expect to receive products with greater value with more benefits at a reasonable cost. In buying a product, consumers are also buying an image and a reputation. Today firms compete on the basis of enhanced value packages. Classify buyers are buyers of consumer products and buyers of industrial products. Convenience goods/ services relatively inexpensive consumer goods or services that are bought and used rapidly and regularly, causing consumers to spend little time looking for them or comparing their prices.
