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22 Cards in this Set
- Front
- Back
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durable goods
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consumer products that provide benefits over a long period of time, such as cars, furniture, and appliances
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nondurable goods
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Consumer products that provide benefits for a short time because they are consumed (such as food) or are no longer useful (such as newspapers)
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Classification of Products: Consumer
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Convenience Products, Shopping products, Specialty Products, & Unsought Products
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Convenience Products
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A consumer good or service that is usually low-priced, widely available, and purchased frequently with a minimum comparison. (Stable, impulse, emergency)
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Shopping Products
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Goods or services for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
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Specialty Products
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Goods or serivces that has unique characteristics and is important to the buyer and for which she will devote significant effort to acquire
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Unsought products
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Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to her attention.
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Classification of Products: Business
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Equipment, Maintenance, Repair, and operating (MRO), Raw Materials, Processed Materials and Special Services, and Components Parts.
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Equipment
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Expensive goods that an organization uses in its daily operations that last for a long time
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Maintenance, repair, and operating, (MRO) products
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goods that a business customer consumes in a relatively short time
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Raw Materials
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products of the fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their finished products.
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Processed Materials
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Products created when firms transform raw materials from their original state.
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component parts
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manufactured goods or subassemblies of finished items that organizations need to complete their own products
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Innovation
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A product that consumers perceive to be new and different from existing products
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Types of Innovations
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Dynamically, Discontinuous, Continuous
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continuous innovation
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a modification of an existing product that sets one brand apart from its competitors
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knockoff
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new product that copies, with slight modification, the design of an original product
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dynamically continuous innovation
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a pronounced modification to an existing product that requires a modest amount of learning or change in behavior to use it.
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discontinuous innovations
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the product must create MAJOR CHANGES in the way we live.
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Product Adoption
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The process by which a consumer or business customer begins to buy and use a new good, service, and idea.
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Diffusion
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The process by which the use of product spreads throughout a population.
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Tipping Point
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In the content of product diffusion, the point when a product's sales spike from a slow climb to an unprecedented new level, often accompanied by a steep price decline.
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