Chapter 6: Introduction to Project Management

add-on attributes

the extra attributes that aren’t expected but that might provide more differentiation or value to convince the buyer to purchase

consumer packaged good

(CPG)

a type of good that is consumed quickly and often

convenience product

a product that is purchased frequently, widely available, and priced affordably

core benefit

the main benefit a consumer gets from a product

decline

in this stage profits are dropping off dramatically and companies are exiting the market

durable product

a product that lasts a long time and that is not consumed quickly

emergency product

a product that is purchased during an immediate need or emergency

expected attributes

the basic attributes that are necessary to deliver the benefits that have become expected

fad product

a product that experiences fast growth and a sharp decline

fashion product

a product with a short life cycle curve that is cyclical

growth

in this stage sales increase and profits rise

high-learning product

a product that takes longer to explain and educate the public on so they can understand it

impulse product

a product that is low cost and requires little thought in the purchase decision

low-learning product

a product that is easily explained and quickly adopted by consumers

maturity

in this stage, product sales have leveled off and profits are beginning to decrease

nondurable product

a product that is only valuable for a short period of time

primary packaging

packaging that holds one single unit of a product

product attributes

characteristics by which products are identified and differentiated

product brand

the specific product offered by a company

product class

comprised of products that are generally considered as substitutes for each other

product development stage

in this stage, the product is still being developed and tested

product form

a smaller segment of the product class

product life cycle

(PLC)

the typical pattern that a successful new product takes, from development to the end of its life

secondary packaging

packaging that holds a number of individual units to form a wholesale unit, such as a larger box that holds several retail units

shopping product

a product that consumers spend more time thinking about prior to purchasing

specialty product

a product that has unique attributes and that the consumer will spend considerable time researching and searching for

staple product

a product that is a basic item that most people need

tertiary packaging

packaging designed for carrying a number of wholesale units and for shipping

unboxing

the act of opening the package of a newly purchased product, removing the product, and looking through all of the features or items that came with the product

unsought product

a product that consumers have no awareness of or desire to purchase until an external cue brings it to their attention