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Topic 6 Products, Services and Brands (Product Life Cycle (Product…
Topic 6 Products, Services and Brands
What is a product?
Product is anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want
What is a service?
Service is a product that consists of activities, benefits, or satisfactions and that is essentially intangible.
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New Product Development Refers to original products, product improvements, product modifications, and new brands developed from the firm’s own research and development
Acquisition refers to the buying of a whole company, a patent, or a license to produce someone else’s product.
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