Products

Augmented Product

Includes standards, installation, integration, services, etc., that enhance the overall product offering.

Actual Product

The tangible aspects of a product, such as brand, style, features, and quality.

Core Product

The fundamental benefits or needs that the product fulfills for the consumer.

Consumer Products

Goods purchased by final consumers for personal consumption.

Convenience Products

Items consumers purchase frequently, immediately, and with little effort.

Shopping Products

Products that consumers compare based on price, quality, and style before purchasing.

Specialty Products

Items for which consumers are willing to make a special effort to obtain.

Unsought Products

Goods and services that consumers do not actively seek out until a need arises.

Business Products

Goods or services that assist in the production of other goods and services.

Components

Items that become part of a final product.

Support Products

Items used to assist in producing other products and services.

Product Item

A specific product that has a unique brand, size, or price.

Product Line

A group of related products marked by physical similarities or aimed at a similar market.

Product Mix

Various product lines offered by a company.

Width (of Product Mix)

The number of product lines a company carries.

Length (of Product Mix)

The total number of items the company carries within its product lines.

Depth (of Product Mix)

The number of versions of each product in its line.

Consistency (of Product Mix)

How closely related the various product lines are in terms of end use, production, and distribution.

Legal Newness

The FTC allows products to be labeled as 'new' for six months after entering regular distribution.

Product Line Extension

Incremental improvements or variations of an existing product.

Brand Extension

Using an existing brand name in a new or unfamiliar market.

Radical Innovation

A totally revolutionary new product that transforms the market.

Comparative Newness

Modifications to an existing product to enhance its features.

Feature Bloat

Additional features that add no real consumer value but increase product costs.

Feature Fatigue

Consumer dissatisfaction caused by excessive features that complicate the user experience.

Continuous Innovation

Innovation that requires no learning or adjustment from the consumer.

Dynamically Continuous Innovation

Minor changes that require some adjustment in consumer behavior.

Discontinuous Innovation

Innovations that require consumers to learn entirely new consumption patterns.

Stage-gate Product Development Process

A method where new product development goes through various stages before commercialization.

Diffusion of Innovation

The process by which a new product is communicated through certain channels over time among individuals.

Innovators

Venturesome individuals who are open to new ideas and products.

Early Adopters

Leaders in their social groups who adopt innovations early and help to spread awareness.

Early Majority

Individuals who adopt new ideas just before the average member of a society.

Late Majority

Skeptical individuals who adopt new products only after the majority of the population has.

Laggards

Individuals who are resistant to change and rely on word of mouth for information.

Barriers to Acceptance

Factors that hinder consumers from adopting new products, such as compatibility and perceived risk.

Product Life Cycle

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