Chapter 8 Terms Flashcards
(44 cards)
Attributes
Include features, functions, benefits, and uses of a product. Marketers view products as a bundle of attributes that includes the packaging, brand name, benefits, and supporting features in addition to a physical good
Good
A tangible product that we can see, touch, smell, hear, or taste
Core Product
All the benefits the product will provide for consumers or business customers
Actual Product
The physical good or the delivered service that supplies the desired benefit
Augmented Product
The actual product plus other supporting features such as a warranty, credit, delivery, installation, and repair service after the sale
Durable Goods
Consumer products that provide benefits over a long period of time, such as cars, furniture, and appliances
Nondurable Goods
Consumer products that provide benefits for a short time because they are consumed (such as food) or are no longer useful (such as newspapers)
Convenience Product
A consumer good or service that is usually low priced, widely available, and purchased frequently with a minimum of comparison and effort
Consumer Packaged Good (CPG)
A low-cost good that is consumed quickly and replaced frequently
Shopping Products
Goods or services for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
Specialty Products
Goods or services that have unique characteristics and are important to the buyer and for which he or she will devote significant effort to acquire
Unsought Products
Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention
Equipment
Expensive goods that an organization uses in its daily operations that last for a long time
Maintenance, Repair, and Operating Products (MRO)
Goods that a business customer consumes in a relatively short time
Raw Materials
Products of the fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their finished products
Processed Materials
Products created when firms transform raw materials from their original state
Component Parts
Manufactured goods or subassemblies of finished items that organizations need to complete their own products
Innovation
A product that consumers perceive to be new and different from existing products
Continuous Innovation
A modification of an existing product that sets one brand apart from its competitors
Dynamically Continuous Innovation
A change in an existing product that requires a moderate amount of learning or behavior change
Discontinuous Innovation
A totally new product that creates major changes in the way we live
Research and Development (R&D)
A well-defined and systematic approach to how innovation is done within the firm
New Product Development
The phases by which firms develop new products, including idea generation, product concept development and screening, marketing strategy development, business analysis, technical development, test marketing, and commercialization
Idea Generation
A phase of product development in which marketers use a variety of sources to come up with great new product ideas that provide customer benefits and that are compatible with the company mission
