Chapter 9 Product Concepts Flashcards
business products
a product used to manufacture other goods or services
ex) a printing company buying a press to print logos
consumer product
a product bought to satisfy an individuals wants
a product to satisfy consumers
convenience product
a relatively inexpensive item that requires little effort to attain
shopping product
a product that requires comparison shopping because it is usually more than a convenience good and is found in fewer stores
a product that requires shopping around because it is found in fewer stores
-usually more expensive
specialty product
a product with unique characteristics that separates it apart from the rest
unsought product
a product unknown to the buyer or a known product that the buyer does not actively seek
product item
a specific version of a product that can be designated as a distinct offering
distinct offering
product line
a group of closely related product items
product mix
all the products that a company sells
product mix width
the number of product lines a company has/offers
product line length
the number of product items in a product line
product line depth
the different versions of a product items in a product line
Number of types and sizes offered for each product in the line
offering different options of the same products such as size or type
ex) Coca Cola offering a small and a large 1L size of their beverage
product modification
changing one or more of a product’s characteristics
planned obsolescence
modifying products so those that have already been sold become obsolete before they actually need replacement
ex) apple releasing a new iPhone every year making the previous model inferior to the new one
product line extension
adding products to an existing product line to offer more options to consumers
