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C712 Product

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