MBA 645 Quiz 4 Study Guide 2023 Graded A

product - is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas. 5 Product Levels of Customer Value Hierarchy - core benefit basic product expected product augmented product potential product core benefit - the service or benefit the customer is really buying basic product - the simplest form of a product expected product - everything that represents the customer's minimal expectations augmented product - the actual product plus other supporting features such as a warranty, credit, delivery, installation, and repair service after the sale potential product - refers to what may remain to be done, that is, what is possible Durability and Tangibility - nondurable goods tangible and normally consumed in a one or a few uses Durable goods are tangible and survive many uses. Services are intangible, inseparable, variable, and perishable products (such as haircuts) that normally require more quality control, supplier credibility, and adaptability. consumer-goods classification - Classified on the basis of shopping habits convenience goods - that are purchased frequently, immediately, and with minimal effort shopping goods - (such as furniture) that consumers compare on such bases as suitability, quality, price, and style;