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Purchasing a Finished Good!

Purchasing a Finished Good!. … what are your options?. Normal Goods:. A.k.a. “name brands or brand-name goods” “superior goods” that are considered non-generic, specialized goods and often recognized as being of superior quality

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Purchasing a Finished Good!

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  1. Purchasing a Finished Good! … what are your options?

  2. Normal Goods: • A.k.a. “name brands or brand-name goods” • “superior goods” that are considered non-generic, specialized goods and often recognized as being of superior quality • Quality determined by resources used to develop product as well as designer/producer providing the good….reputation of the company • Often more expensive

  3. Generic Goods: • A.k.a. “inferior good” • A type of substitute good that generally saves a consumer money compared to buying a normal good • Not necessarily a lesser quality product but often times considered so because of its name • Today generics are more likely to be store brands

  4. Substitute Goods: • A replacement good for a specific normal good • PLEASE NOTE THIS DOES NOT HAVE TO BE GENERIC!!! • Simply a lower priced alternative • Taste • NIKE vs. New Balance • Pepsi vs. RC Cola • Honey vs. Sugar

  5. Complementary Goods: • Regardless of being a normal good or a generic good, a finished product will typically have another finished product that it meshes or goes well with • These goods “complement” or further enhance the other good • Also consider accessories (IPods, Wii, etc.) • Examples: Peanut Butter & Jelly Milk, Cereal, & Bananas

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