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C712 Product

TermDefinition
Product Bundle of physical, service, and symbolic attributes designed to satisfy a customer’s wants and needs.
Services Intangible tasks that satisfy the needs of consumer and business users.
Goods Tangible products customers can see, hear, smell, taste, or touch.
Goods–services continuum Spectrum along which goods and services fall according to their attributes, from pure good to pure service.
Unsought Products Products marketed to consumers who may not yet recognize a need for them.
Convenience Products Goods and services consumers want to purchase frequently, immediately, and with minimal effort.
Shopping Products Products consumers purchase after comparing competing offerings.
Specialty Products Products with unique characteristics that cause buyers to prize those particular brands.
Product Line Series of related products offered by one company.
Product Mix Assortment of product lines and individual product offerings a company sells.
Product Life Cycle Progression of a product through introduction, growth, maturity, and decline stages.
Introductory Stage First stage of the product lifecycle, in which a firm works to stimulate sales of a new-market entry.
Growth Stage Second stage of the product lifecycle that begins when a firm starts to realize substantial profits from its investment in a product.
Maturity Stage Third stage of the product lifecycle, in which industry sales level out.
Decline Stage Final stage of the product lifecycle, in which a decline in total industry sales occurs.
Created by: mkale
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