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Marketing 11

Product Concepts

QuestionAnswer
Service An intangible result of the application of human and mechanical efforts to people or objects.
Early Adopters People who adopt new products early, choose new products carefully, and are viewed as "the people to check with" by later adopters.
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.
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.
Business Products Products bought to use in a firm's operations, to resell, or to make other products.
Growth Stage The product life-cycle stage when sales rise rapidly, profits reach a peak, and then they start to decline.
Product Adoption Process The five-stage process of buyer acceptance of a product: awareness, interest, evaluation, trial, and adoption.
Laggards The last adopters, who distrust new products.
Component Parts Items that become part of the physical product and are either finished items ready for assembly or items that need little processing before assembly.
Raw Materials Basic natural materials that become part of a physical product.
Depth of Product Mix The average number of different products offered in each product line.
Width of Product Mix The number of product lines a company offers.
Good A tangible physical entity.
Shopping Products Items for which buyers are willing to expend considerable effort in planning and making purchases.
Business Services Intangible products that many organizations use in their operations.
Maturity Stage The stage of a product's life cycle when the sales curve peaks and starts to decline, and profits continue to fall.
MRO Supplies Maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product.
Product Mix The composite, or total, group of products that an organization makes available to customers.
Convenience Products Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort.
Installations Facilities and nonportable major equipment.
Early Majority Individuals who adopt a new product just prior to the average person.
Accessory Equipment Equipment that does not become part of the final product but is used in production or office activities.
Product Line A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations.
Process Materials Materials that are used directly in the production of other products but are not readily identifiable.
Product Life Cycle The progression of a product through four stages: introduction, growth, maturity, and decline.
Decline Stage The stage of a product's life cycle when sales fall rapidly.
Idea A concept, philosophy, image, or issue.
Innovators First adopters of a new product.
Consumer Products Products purchased to satisfy personal and family needs.
Product Item A specific version of a product that can be designated as a distinct offering among a firm's products.
Late Majority Skeptic who adopt new products when they feel it is necessary.
Created by: ElTioBabalu
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