Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
41 Cards in this Set
- Front
- Back
A good, a service, an idea or an experience, received in an exchange
|
Product |
|
A tangible, physical entity |
Good |
|
The intangible result of the application of human and mechanical efforts to people or objects
|
Service |
|
Idea
|
A concept, philosophy, image, or issue
|
|
Personally observing, encountering, or undergoing something
|
Experience
|
|
three factors that make up the total product? |
core product supplemental features symbolic and experiential benefits. |
|
The product’s fundamental utility or main
benefit Ex: Sports drink = ? |
The core Product Re-hydrates |
|
_________ Addresses the basic need of the consumer |
The core product |
|
Provide the added value or attributes in addition to a product’s core utility
|
Supplemental Features |
|
Help differentiate the product brand
|
Supplemental Features |
|
Buyers purchase the benefits and satisfaction they think the product will provide
|
Symbolic and Experiential Benefits
|
|
The shopping experience is an example of what?
|
Symbolic and Experiential Benefits
|
|
Products purchased to satisfy personal and family wants and needs
|
Consumer Products |
|
Products bought to use in a firm’s operations to resell or to make other products
|
Business Products |
|
Purchased to satisfy the goals of the organization
|
Business Products |
|
Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort
|
Convenience Products
|
|
Usually low price points
What type of product? |
Convenience Products
|
|
Reliance on self-service
What type of product? |
Convenience Products
|
|
Items for which buyers are willing to expend considerable effort in planning and making purchases
|
Shopping Products
|
|
Items with unique characteristics that buyers are willing to expend considerable effort to obtain
|
Specialty Products
|
|
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 |
|
Products bought to use in an organization’s operations, to resell, or to make other products
|
Business Products |
|
A specific version of a product that is a distinct offering among an organization’s line of products |
Product Item |
|
A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations |
Product Line |
|
The total group of products that an organization makes available to customers |
Product Mix |
|
The number of product lines a company offers |
Width of Product Mix |
|
The average number of different products in each product line |
Depth of product mix |
|
First adopters of new products |
Innovators 1 |
|
Careful choosers of new products |
Early adopters 2 |
|
Those adopting new products just before the average person |
Early Majority 3 |
|
Skeptics who adopt new products when they feel it is necessary |
Late Majority 4 |
|
The last adopters who distrust new products |
Laggards 5 |
|
Which Stage of the Product Life Cycle High risk of failure |
Introduction |
|
Which Stage of the Product Life Cycle Profits continue to fall intense competition |
Maturity |
|
Four stages of product life cycle |
Introduction Growth Maturity decline |
|
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 |
|
The five stages of product adoption |
1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption |
|
An example of a convenience product is?
|
gasoline |
|
Price strategies become more mixed during the ___________ stage of the product life cycle.
|
maturity |
|
People who enjoy trying new products and are often the first to do so are known as?
|
innovators |
|
A group of closely related product items that are related because of marketing, technical, or end-use considerations is a product ______
|
line |