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Product
Everything, both favorable and unfavorable, that a person receives in an exchange.
Business Product
Used to manufacture other goods or services, facilitate an organization's operations, or resell to other customers.
Consumer Product
Bought to satisfy an individual's personal wants or needs.
Convenience Product
A relatively inexpensive item that merits little shopping effort.
Shopping Product
A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores.
Homogeneous Shopping Products
Shopping products that are basically similar, such as a washer and dryer.
Heterogeneous Shopping Products
Shopping products that are essentially different, such as a chair.
Specialty Product
A particular item for which consumers search extensively and are very reluctant to accept substitutes.
Unsought Product
A product unknown to the potential buyer or a known product that the buyer does not actively seek.
Quality Modification
A change in a product's dependability or durability to lower the price or help the firm compete with rival firms.
Functional Modification
A change in a product's versatility, effectiveness, convenience, or safety.
Planned Obsolescence
The practice of modifying products so those that have already been sold become obsolete before they actually need replacement.
Product Line Extension
Adding additional products to an existing product line to compete more broadly in the industry.
New Product
New to the world, market, producer, seller, or some combination.
Idea Generation
New-product ideas come from many sources such as customers, competitors, distributors, employees, brainstorming, and focus groups.
Diffusion of Innovation
The process by which the adoption of an innovation spreads.
Retailing
Generates 6% of GDP and is a significant part of the backbone of the US economy.
Retail Channel Omnification
The reduction of multiple retail channel systems into a single, unified system for creating efficiencies.
Click-and-Collect
The practice of buying something online and then traveling to a physical store location to take delivery of the merchandise.
