Product
The entity offered by a company to its customers, a combination of tangible and intangible qualities that satisfies needs or wants.
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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Vocabulary flashcards covering key terms related to product decisions in marketing.
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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.
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.
Industrial Goods
Goods used for further production of goods or services, including capital goods, raw materials, and component parts.
Consumer Goods
Goods meant for final consumption by consumers, divided into convenience, shopping, and specialty goods.
Convenience Goods
Everyday items that are easily accessible and purchased frequently with minimal effort.
Shopping Goods
Products that consumers buy after careful consideration, comparison, and evaluation of alternatives.
Specialty Goods
Products with unique characteristics or a high level of brand identity, prompting consumers to make a significant effort to purchase them.
Core Benefit Level
The most fundamental level of needs or desires that a consumer wants when they purchase a product.
Generic Product Level
A basic version of a product made up of only the features it needs to operate.
Expected Product Level
A set of qualities and conditions that customers typically expect at the expected level.
Augmented Product Level
Product modifications, additional features, or services that help set the product distinct from its competitors.
Potential Product Level
Possible future augmentations and changes that the product might experience; the product's possibility of future innovation.
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
Idea Generation
The creation of product ideas, originating from internal or external sources.
Screening
Critical evaluation of product ideas generated to determine consistency with the product policy of the firm.
Business Analysis
An evaluation of a product idea in depth to determine its financial, competitive, and marketing situations.
Product Development
Converting the product idea on paper into a tangible product.
Test Marketing
Testing the product in selected geographical areas to monitor consumer reactions and uncover product faults.
Commercialization
The final stage of product planning where production starts, the marketing program begins to operate, and products flow to the market for sale.
Product Mix
The set of all product lines and items that a particular seller offers for sale to buyers.
Length of product mix
The total number of items in a product mix.
Width of product mix
The number of different product lines offered by the company.
Depth of product mix
The average number of items offered by the company in each product line.
Consistency of product mix
How closely the various product lines are related in production requirements and distribution channels.
Branding
The practice of giving a specified name to a product or group of products of one seller.
Labeling
Part of the product which carries verbal information about the product or the seller.
Packaging
Wrapping of goods or products before they are transported, stored, or delivered to a consumer.
After-Sales Service
Services rendered by a business firm to its customer after the sale of goods is affected.
Product Mix Strategies
Strategies employed by a producer or wholesaler of the product, including expansion, contraction, alteration, positioning, trading up/down, and differentiating products.
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.
Introduction (PLC)
The stage where a product is introduced into the market with a slow rise in sales, low profit, and heavy advertising.
Growth (PLC)
The stage where a product gains market acceptance, sales increase rapidly, and profits improve as costs reduce.
Maturity (PLC)
The stage with keen competition, where sales continue to increase but at a decreasing rate, and competitors increase advertising deals.
Decline (PLC)
The stage where sales start declining due to technological advances, consumer shifts in taste, and increased competition.