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Marketing Chapter 11
Term | Definition |
---|---|
Good | A tangible physical entity |
Service | An intangible result of the application of human and mechanical efforts to people or objects |
Idea | A concept, philosophy, image, or issue |
Consumer Products | Products purchased to satisfy personal and family needs |
Business Products | Products bought to use in a firm's operations, to resell, or to make other products |
Convenience Products | Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort |
Shopping Products | Items for which buyers are willing to expend considerable effort in planning and making purchases |
Specialty Products | Items with unique characteristics that buyers are willing to expend considerable effort to obtain |
Unsought Products | Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying |
Installations | Facilities and nonportable major equipment |
Business Services | Intangible products that many organizations use in their operations |
Product Item | A specific version of a product that can be designated as a distinct offering among a firm's products |
Product Line | A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations |
Product Mix | The composite, or total, group of products that an organization makes available to customers |
Width of Product Mix | The number of product lines a company offers |
Depth of Product Mix | The average number of different products offered in each product line |
Product Life Cycle | The progression of a product through four stages: introduction, growth, maturity, and decline |
Introduction Stage | The initial stage of a product's life cycle; its first appearance in the marketplace when sales start at zero and profits are negative |
Maturity Stage | The stage of a product's life cycle when the sales curve peaks and starts to decline, and profits continue to fall |