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Product
Everything both tangible and intangible that a buyer receives in exchange
Consumer Products
Personal use
Business products
For use in organization, to resell, produce other products
Convenience Products
Inexpensive, frequently purchased minimal effort
Shopping Products
Expensive, infrequently purchased, minimal effort, numerous locations, low-per unit gross margins
Shopping products
Expensive, infrequently purchased, comparison shopping, limited locations, high per-unit profit margins
Specialty
Have one or more unique characteristics
Unsought Products
Consumers do not see a need to purchase
Instellations
Large Machines and tools used for production purchases
Component Parts
Finished items that become a part of a final product
NRO Supplies
Items that facilitate an organizations operation but do not become part of the finished products
Product Mix
All products offered by a firm
Product Line
Group of closely related items that have similar end use
Product Item
A specific brand of a product line
Product Life Cycle
Introduction, Growth, maturity, Decline
Line Extension
Development of a product closely related to existing products in the line but is designed to meet different customer needs(Add/keep)
Product modification
Changing one or more characteristics of an existing product and removing the original product from production
Functional Modification
Change how a product is used
Quality
Changes to a products dependability or durability
Aesthetic Modification
Change in sensory appeal of the product
Idea generation
Brainstorming with customers
Screening
Step where most new product ideas are eliminated
Business Analysis
Product idea is evaluated to determine sales cost and product potential
Programming Development
Basic working model/prototype
Test Marketing
Sample launching of the entire marketing mix
Commercialization
Full Scale marketing and production
Adoption Process
Product adopter category
Branding terms
Name, term, symbol, design, or other feature that identifies one seller’s product as distinct from those of other sellers
Brand Name
part of brand that consists of words
Brand Mark
A symbol design or other feature or associated with the brand
Brand Loyalty
Customers favorable attitude towards a specific brand
Brand Recognition
Customer is aware that brand exists and views it as an alternative for purchase
Brand Preference
Customers prefers one brand and will purchase if available but will not make significant effort to get it
Brand Insistence
Customer strongly prefers one and will make significant effort to get it and will not accept subtitutes
Brand Equity
Marketing and financial value associated with a brands market strength
Manufacturer Brand (Name brand)
Initiated by the producer and the producer is identified at the point of purchase
Private distributer brands (Store brands)
Initiated and owned by the reseller-produce not identified on product
Individual Branding
Naming each product differently
Family Branding
All of the firms products are branded with the same name or part of the same name
Packaging
Protects and maintains functional form, offers convenience, promotes
