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Profit and Customer Satisfaction
Businesses must aim to both gain profits and satisfy customers as these two aspects are interdependent.
Product
Refers to what a purchaser expects to receive or believes they are getting when making a purchase from an individual or organization.
Public Sector Organization
An organization owned or funded by the government, with about 20% of the working population employed in this sector.
Private Sector
The part of the economy managed by private individuals primarily to make a profit.
Goods
Tangible products that can be seen and touched.
Services
Intangible products that are experienced rather than seen or touched.
Immediacy
The quality that makes something important or relevant because it is happening at that moment.
High-contact Services
Services that necessitate personal interaction with the customer, like nursing homes or haircuts.
Low-contact Services
Service operations that do not require direct interaction with the customer, such as internet banking or fast food.
Customization
The characteristic of a service where each customer desires a unique delivery.
Diversification
Owning a wide range of investments to reduce risk, akin to not putting all your eggs in one basket.
Value Proposition
The reason why customers should buy from a particular business.
Function
The intended purpose of a product, such as transport for a car or night accommodations for a hotel.
Features
Additional attributes that enhance the usefulness or experience of a product.
Benefits
Advantages derived from purchasing a product, like a sense of achievement or social status.
Value
The worth or importance of a product, often in terms of usefulness, desirability, or financial value.
Consumer Products
Items bought by end-users for personal use, like cereal.
Industrial Products
Parts, ingredients, or materials purchased by businesses to create consumer products.
Product Life Cycle
The stages a product goes through from introduction to decline as consumer preferences change.
Research and Development (R&D)
The process of seeking innovations and ideas for the next generation of products.
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