Chapter 5 Rapid Review

Main Heading Review Material MyOMLab
Goods And Services Selection (pp. 162165)

Although the term products may often refer to tangible goods, it also refers to offerings by service organizations.

The objective of the product decision is to develop and implement a product strategy that meets the demands of the marketplace with a competitive advantage.

  • Product Decision—The selection, definition, and design of products.

    The four phases of the product life cycle are introduction, growth, maturity, and decline.

  • Product-by-value analysis—A list of products, in descending order of their individual dollar contribution to the firm, as well as the total annual dollar contribution of the product.

Concept Questions: 1.1–1.4 ...

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