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Marketing Chapter 11

TermDefinition
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
Created by: lilready44
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