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Ch. 13, 14, 15

What is a product? Good, service, or idea.
What is a consumer product? A product purchased to satisfy personal and family needs.
What is a convenience product? An inexpensive, frequently purchased item. (convenience stores!)
What is a shopping product? An item which buyers are willing to spend considerable effort on planning and making the purchase.
What is a specialty product? An item that has one or more unique quality, which many people are willing to spend time and effort on buying it.
What is raw material? Basic material that becomes part of physical product. Comes from mines, forests, oceans, or recycled wastes.
What is major equipment? Large tools/machines used for production.
What is accessory equipment? Standardized equipment used in production/office activities.
What is a component part? An item that becomes a part of a physical product.
What is process material? Material used directly in production of another product.
What is supply? Item that facilitates production and operations, but not part of finished product.
What is business service? Intangible product that an organization uses in operations.
What are the stages of the product life cycle? Introduction, growth, maturity, decline stage.
Created by: akoehlinger



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