Marketing 351 Test #3

Front 1

Chapter 11

Back 1

Product Concepts

Front 2

What is a Good?

Back 2

Tangible physical entity

Front 3

What is a Service?

Back 3

An intangible result of the application of human and mechanical efforts to people or objects

Front 4

What is an Idea?

Back 4

A concept, philosophy, image, or issue.

Front 5

What are the three interdependent elements of a total product offering?

Back 5

1. The core product (its main benefit or fundamental utility)

2. Its supplemental features (added value, i.e. installation or delivery)

3. Its symbolic or experiential value (symbolic meaning)

Front 6

What are consumer products?

Back 6

Products purchased to satisfy personal and family needs.

Front 7

What are business products?

Back 7

Products bought to use in a firm's operations, to resell, or to make other products.

Front 8

The four categories of Consumer Products

Back 8

1. Convenience Products (inexpensive, frequently purchased, minimal purchasing effort)

2. Shopping Products (Considerable purchasing effort from buyer in planning and making purchases)

3. Specialty Products (Items with unique characteristics that buyers are willing to expend considerable effort to obtain)

4. Unsought Products (Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying)

Front 9

Installations

Back 9

Facilities and nonportable major eqiupment

Front 10

Accessory Eqiupment

Back 10

Equipment that does not become part of the final physical product but is used in production or office activities.

Front 11

Raw Materials

Back 11

Basic natural materials that become part of a physical product.

Front 12

Component Parts

Back 12

Items that become part of physical product and are either finished items ready for assembly or items that need little processing before assembly

Front 13

Process Materials

Back 13

Materials that are used directly in the production of other products but are not readily identifiable

Front 14

MRO Supplies

Back 14

Maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product.

Front 15

Business Services

Back 15

Intangible products that many organizations use in their operations.

Front 16

Product Item

Back 16

A specific version of a product that can be designated as a distinct offering among a firms products

Front 17

Product Line

Back 17

A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations

Front 18

Product Mix

Back 18

The composite, or total, group of products that an organization makes available to customers.

Front 19

Width of product mix

Back 19

The number of product lines a company officers

Front 20

Depth of product mix

Back 20

The average number of different products offered in each product line

Front 21

Product Life Cycle

Back 21

The progression of a product through four stages: introduction, growth, maturity, and decline.

Front 22

Introduction Stage

Back 22

Initial stage of a products life cycle; its first appearance in the marketplace when sales start at zero and profits are negative.

Front 23

Growth Stage

Back 23

The product life-cycle stage when sales rise rapidly, profits reach a peak, and then they start to decline.

Front 24

Maturity Stage

Back 24

The stage of a product's life cycle when the sales curve peaks and starts to decline, and profits continue to fall.

Front 25

Decline Stage

Back 25

The stage of a products life cycle when sales fall rapidly

Front 26

Product Adoption Process

Back 26

The five-stage process of buyer acceptance of a product: awarness, interest, evaluation, trial, and adoption.