Product, Brand, and Distribution
The Product
What is a Product?
– A material item that companies offer their customers in the market.
– Is something more than a set of physical features, a package, and a brand.
– Warranty: after-sales service, conditions of payment, satisfaction, and benefits they provide to the customer are also key elements in the success of a product.
The Idea
– Behind each product lies an idea.
– Did you know? That 9% of new food products fail.
What is a Product Range?
– The product range refers to all the different
Read MoreUnderstanding Business and Social Responsibility
Chapter 1: Introduction to Business
Why Study Business?
There are numerous compelling reasons to study business:
- Enhance your career prospects as an employee.
- Gain the knowledge and skills to start your own business.
- Become a more informed consumer and investor.
- Make informed career choices.
- Develop valuable management skills.
Tips for Success in Business Studies
- Prepare for class by reading assigned chapters.
- Highlight or underline key concepts.
- Take thorough notes.
- Apply learned concepts to real-world situations.
Factors of Production and Income Distribution in Economics
Factors of Production and Income Distribution
Income and Its Distribution
Income refers to the total earnings received by the owners of production factors (land, labor, capital, and entrepreneurship). Income distribution describes how this income is allocated among these factors in the form of wages, rent, interest, and profits.
Several factors influence income distribution, including:
- Gender pay gap: Significant wage disparities based on gender can lead to less egalitarian income distribution.
- Wealth
Impact of Globalization on Canada: Opportunities and Challenges
Impacts of Globalization on Canada’s Economy
Immigration Patterns
Canada’s open immigration policies attract skilled workers, particularly in sectors like agriculture. However, this can lead to brain drain as talented individuals seek opportunities abroad.
Value of Information
Canadian firms recognize the value of information in the knowledge economy. Industries like IT, with highly educated professionals, are in high demand. This has led to practices like data mining and the purchase of consumer information.
Read MoreThe Role of Product in the Marketing Mix & Product Life Cycle
19) The Role of Product in the Marketing Mix
The product itself is the most important element in the marketing mix. Without it, the other three wouldn’t exist. Most companies today are market-oriented and will identify a suitable product for the market before moving on to determine the other 3 elements. Large companies have R&D departments that spend all their time developing new products and analyzing the pros and cons of competitors’ products.
Types of Products:
- Consumer Goods: Goods that are
Supply Chain Management: Contracts, JITD, Bullwhip Effect & Strategies
Chapter 4: Supply Contracts and Their Impact on the Supply Chain
Question 1: Contract Suitability and Choice Factors
Various supply contracts can incentivize retailers to purchase more items from suppliers, ultimately boosting sales to customers. These contracts mitigate the retailer’s risk of unsold inventory by sharing it with suppliers. However, demand uncertainty also increases the probability of higher sales.
Factors Influencing Contract Type Selection:
- Business Convention: Companies often opt