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Marketing
Chpt 11
| Term | Definition |
|---|---|
| Product | a good, service, an idea |
| 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 firms's operations, to resell, or to make other products. |
| Convenience products | Relatively inexpensive, frequently purchased item 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 non portable major equipment |
| Accessory equipment | Equipment that does not become part of the final physical product but is used in production or office activities. |
| Raw materials | Basic natural materials that become part of a physical product |
| 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 |
| Process materials | Materials that are used directly in the production of other products but are not readily identifiable |
| MRO supplies | Maintenance, repair,and operating items that facilitate production and operations but do not become part of the finished product |
| Business services | Intangible products that many organizations use in their operations |
| 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. |
| Growth Stage | The product life-cycle stage when sales rise rapidly, profits reach a peak, and then they start to decline. |
| Maturity Stage | The stage of a product's life cycle when the sales curve peaks and starts to decline, and profits continue to fall. |
| Decline stage | The stage of a product's life cycle when sales fall rapidly |
| Product adoption process | The five-stage process of buyer acceptance of a product: awareness, interest, evaluation,trial, and adoption |
| Innovators | First adopters of new products |
| Early adopters | People who adopt new products early, choose new products carefully, and are viewed as "the people to check with" by later adopters |
| Early majority | Individuals who adopt a new product just prior to the average person |
| Late majority | Skeptics who adopt new products when they feel it is necessary |
| Laggards | The last adopters, who distrust new products |
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