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Economic Goods & Services

Economic Goods & Services. Fall 2013- Marketing I. Economic Goods. Physical, tangible object Feel, smell, taste, see, or hear it Must be useful Satisfy wants Must be scarce People must be willing to buy it Must be transferable Easily obtained. Economic Services.

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Economic Goods & Services

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  1. Economic Goods & Services Fall 2013- Marketing I

  2. Economic Goods • Physical, tangible object • Feel, smell, taste, see, or hear it • Must be useful • Satisfy wants • Must be scarce • People must be willing to buy it • Must be transferable • Easily obtained

  3. Economic Services • Productive acts that satisfy wants • Healthcare, lawn care, dry-cleaning • Not physical objects • Activities performed by people for certain amount of money

  4. Consumer Goods/Services • Goods that are purchased and USED by consumer • Examples: food, gas, sunglasses, etc. • What else?

  5. Industrial Goods/Services • Purchased by producers: • For resale • To make other goods and services • To use in operating their businesses • Example: Wood to make pencils

  6. Sub-Categories • Consumer products • Convenience- quick, low thought, low-cost • Shopping- “shop around” for quality and price • Specialty- unique characteristics, extra efforts to get

  7. Sub-Categories • Industrial products • Materials- become part of finished product after additional processing (flour, trees) • Parts- don’t need additional processing (bolts, tires) • Installations- high-cost, long-lasting items used to produce other items (buildings, conveyor belts) • Equipment- used in operation of business (computers) • Supplies- constantly purchased for business (pencils)

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