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41 Cards in this Set
- Front
- Back
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A good, a service, an idea or an experience, received in an exchange
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Product |
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A tangible, physical entity |
Good |
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The intangible result of the application of human and mechanical efforts to people or objects
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Service |
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Idea
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A concept, philosophy, image, or issue
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Personally observing, encountering, or undergoing something
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Experience
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three factors that make up the total product? |
core product supplemental features symbolic and experiential benefits. |
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The product’s fundamental utility or main
benefit Ex: Sports drink = ? |
The core Product Re-hydrates |
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_________ Addresses the basic need of the consumer |
The core product |
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Provide the added value or attributes in addition to a product’s core utility
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Supplemental Features |
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Help differentiate the product brand
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Supplemental Features |
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Buyers purchase the benefits and satisfaction they think the product will provide
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Symbolic and Experiential Benefits
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The shopping experience is an example of what?
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Symbolic and Experiential Benefits
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Products purchased to satisfy personal and family wants and needs
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Consumer Products |
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Products bought to use in a firm’s operations to resell or to make other products
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Business Products |
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Purchased to satisfy the goals of the organization
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Business Products |
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Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort
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Convenience Products
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Usually low price points
What type of product? |
Convenience Products
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Reliance on self-service
What type of product? |
Convenience Products
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Items for which buyers are willing to expend considerable effort in planning and making purchases
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Shopping Products
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Items with unique characteristics that buyers are willing to expend considerable effort to obtain
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Specialty Products
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Products purchased to solve a sudden problem; products of which customers are unaware; and products that people do not necessarily think of buying |
Unsought Products |
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Products bought to use in an organization’s operations, to resell, or to make other products
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Business Products |
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A specific version of a product that is a distinct offering among an organization’s line of products |
Product Item |
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A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations |
Product Line |
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The total group of products that an organization makes available to customers |
Product Mix |
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The number of product lines a company offers |
Width of Product Mix |
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The average number of different products in each product line |
Depth of product mix |
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First adopters of new products |
Innovators 1 |
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Careful choosers of new products |
Early adopters 2 |
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Those adopting new products just before the average person |
Early Majority 3 |
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Skeptics who adopt new products when they feel it is necessary |
Late Majority 4 |
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The last adopters who distrust new products |
Laggards 5 |
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Which Stage of the Product Life Cycle High risk of failure |
Introduction |
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Which Stage of the Product Life Cycle Profits continue to fall intense competition |
Maturity |
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Four stages of product life cycle |
Introduction Growth Maturity decline |
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The buyer purchases the product and can be expected to use it again whenever the need for this general type of product arises What stage of process of product adoption |
Adoption |
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The five stages of product adoption |
1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption |
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An example of a convenience product is?
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gasoline |
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Price strategies become more mixed during the ___________ stage of the product life cycle.
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maturity |
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People who enjoy trying new products and are often the first to do so are known as?
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innovators |
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A group of closely related product items that are related because of marketing, technical, or end-use considerations is a product ______
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line |
