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What does total product concept include?
The total product concept include: potential, augmented, expected and core. The concept refers to the collection of services offered by a service or product.
What does the total product concept include?
The total product concept describes the idea that a product is more than just the tangible item "on the shelf," and that the product also consists of the services offered with the product - like a warranty, advice, delivery, maintainance/repair etc. It also includes the intangibles such as quality, prestige and reputation. All of these things go to make up the total product.
What does product of mean in math?
In mathematics, the "product" refers to the result of multiplying two or more numbers together. For example, in the expression (3 \times 4), the product is (12). The concept of product can also extend to more complex operations, such as multiplying variables or algebraic expressions. Overall, it represents the combined total obtained through multiplication.
What is percent revenue?
Percent revenue typically refers to the proportion of total revenue that a specific item or segment contributes, expressed as a percentage. It helps businesses analyze the performance of different products or services relative to overall sales. For example, if a company has total revenue of $100,000 and a particular product generates $25,000, that product accounts for 25% of the total revenue. This metric is useful for assessing profitability and guiding strategic decisions.
What is the concept of the product that passes through various changes in its total life?
The concept of a product that undergoes various changes throughout its total life is known as the product life cycle (PLC). This cycle typically includes several stages: introduction, growth, maturity, and decline. Each stage is characterized by different levels of market demand, competition, and product development. Understanding the PLC helps businesses strategize marketing, production, and pricing to maximize a product's profitability over time.
What is the different between old marketing concept and new marketing concept?
old marketing concept started after production and ended as soon as the product was delivered to the customer. It confined to trading activities only i.e. buying and selling. earlier the marketer focused on quality of product and assumed that if the product was of good quality it will definitely be sold. whereras modern marketing concept starts prior to production process and continues even after product's delivery. it includes various activities like market analysys, after sales services etc. it aims at providing total satisfaction to consumers.
Define total product?
It is a product that is total
What are the components of the total product conecpt?
The total product concept consists of three main components: the core product, the actual product, and the augmented product. The core product refers to the fundamental benefit or service that fulfills a customer's need. The actual product includes the tangible features, design, brand, and quality that differentiate it from competitors. Finally, the augmented product encompasses additional services or benefits, such as warranties, customer support, and after-sales service, that enhance the overall value proposition.
What is extended price?
Extended price is the total cost of multiple units of a product, calculated by multiplying the unit price by the quantity purchased. For example, if a product costs $10 per unit and a buyer purchases 5 units, the extended price would be $50. This concept is commonly used in sales and invoicing to provide a clear breakdown of costs for customers.
What is the Concept of revenue?
Average revenue (AR): total revenue per unit of a product sold; Total revenue (TR): total number of dollars received by a firm or firm from the sale of a product; Marginal revenue (MR):additional revenue received result from the sale of an extra unit of product; Under perfect competition P=AR=MR and the firm's demand curve is flat.
Define average product?
Average product defined as- dividing total production of inputted variables by number of inputted variables. For example- average product of 3,5,7,9 is-(3+5+7+9)/4= 6.
What is Total Product Cost?
total product that needs to sell to cover total costs
