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4.01 Notes Products

Notes

QuestionAnswer
What is a Product? Everything favorable and unfavorable, that a person recieves in an echange.
What is Business/ Industrial Product? Product used to manufacture other goods or services, to facilitate on organization operation, or to resell to other consumers.
What is an Consumer Product? Product brought to sasitify an indivdual personal nees or wants
What is an Convience? A realatively inexpensive item that needs little shopping
What is Shopping? A product that requires comparsion shopping because its usually more expensive and found in fewer stores
What would be considered an Specialty item? A particular item that consumers search extensively and are reluctent to accept
What is Unsought? Product unknown to the potential buyer or a known product that the buyer doesn't actively seek.
What are the three types of products? tangiable,service, idea
What would be considered an Product Item? Speicific version of a product that can be desinated as as disrinct offering among an organizations products
What would be considered an Product Line? A group of closelt related product items
What would be considered product terms? All products that an organization sells
What are the Benefits of Product Lines? Advertising Economies Package Uniformity Standaraized Components Efficent Sales and Distribution Equialent Quality
What is Product Mix Width? The # of product lines an organization has
What two componets goes along with Product Mix width? Diversifies risk Capitalizes on established reputations
What is Product Line Depth? The # of product items in a product line
What four components go along with Product line depth? Attracts buyers with different preferences Increases sales/profits by futher market segmentation Capitalizes an economics scale Evens out seasonal sales patterns
What is Product Modification? Quality,functionan, style
Created by: bnewtonblanchard
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