Unit 4 Principles of Marketing - Product Related Decisions

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Product

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The entity offered by a company to its customers, a combination of tangible and intangible qualities that satisfies needs or wants.

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Features of a Product

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Characteristics of a product that offer benefits to the customer, including distinguishing features, associated attributes, utilities, exchange value, and customer satisfaction.

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Vocabulary flashcards covering key terms related to product decisions in marketing.

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34 Terms

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Product

The entity offered by a company to its customers, a combination of tangible and intangible qualities that satisfies needs or wants.

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Features of a Product

Characteristics of a product that offer benefits to the customer, including distinguishing features, associated attributes, utilities, exchange value, and customer satisfaction.

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Industrial Goods

Goods used for further production of goods or services, including capital goods, raw materials, and component parts.

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Consumer Goods

Goods meant for final consumption by consumers, divided into convenience, shopping, and specialty goods.

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Convenience Goods

Everyday items that are easily accessible and purchased frequently with minimal effort.

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Shopping Goods

Products that consumers buy after careful consideration, comparison, and evaluation of alternatives.

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Specialty Goods

Products with unique characteristics or a high level of brand identity, prompting consumers to make a significant effort to purchase them.

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Core Benefit Level

The most fundamental level of needs or desires that a consumer wants when they purchase a product.

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Generic Product Level

A basic version of a product made up of only the features it needs to operate.

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Expected Product Level

A set of qualities and conditions that customers typically expect at the expected level.

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Augmented Product Level

Product modifications, additional features, or services that help set the product distinct from its competitors.

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Potential Product Level

Possible future augmentations and changes that the product might experience; the product's possibility of future innovation.

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Product Plan

The act of charting out and supervising the research, screening, development, and commercialization of new products; the modification of existing lines and the discontinuance of marginal or unprofitable items

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Idea Generation

The creation of product ideas, originating from internal or external sources.

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Screening

Critical evaluation of product ideas generated to determine consistency with the product policy of the firm.

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Business Analysis

An evaluation of a product idea in depth to determine its financial, competitive, and marketing situations.

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Product Development

Converting the product idea on paper into a tangible product.

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Test Marketing

Testing the product in selected geographical areas to monitor consumer reactions and uncover product faults.

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Commercialization

The final stage of product planning where production starts, the marketing program begins to operate, and products flow to the market for sale.

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Product Mix

The set of all product lines and items that a particular seller offers for sale to buyers.

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Length of product mix

The total number of items in a product mix.

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Width of product mix

The number of different product lines offered by the company.

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Depth of product mix

The average number of items offered by the company in each product line.

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Consistency of product mix

How closely the various product lines are related in production requirements and distribution channels.

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Branding

The practice of giving a specified name to a product or group of products of one seller.

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Labeling

Part of the product which carries verbal information about the product or the seller.

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Packaging

Wrapping of goods or products before they are transported, stored, or delivered to a consumer.

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After-Sales Service

Services rendered by a business firm to its customer after the sale of goods is affected.

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Product Mix Strategies

Strategies employed by a producer or wholesaler of the product, including expansion, contraction, alteration, positioning, trading up/down, and differentiating products.

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Product Life Cycle (PLC)

The progression of a product through distinct stages from its launch to its withdrawal from the market: introduction, growth, maturity, and decline.

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Introduction (PLC)

The stage where a product is introduced into the market with a slow rise in sales, low profit, and heavy advertising.

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Growth (PLC)

The stage where a product gains market acceptance, sales increase rapidly, and profits improve as costs reduce.

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Maturity (PLC)

The stage with keen competition, where sales continue to increase but at a decreasing rate, and competitors increase advertising deals.

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Decline (PLC)

The stage where sales start declining due to technological advances, consumer shifts in taste, and increased competition.