Product Concepts Flashcards
(40 cards)
everything, both favorable and unfavorable, that a person receives in an exchange
product
a product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers
business product (industrial product)
products can be classified as either ___ or ____, depending on the buyer’s intentions
business (industrial) or consumer
a product bought to satisfy an individual’s personal wants
consumer product
a relatively inexpensive item that merits little shopping effort
convenience product
a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
shopping product
a particular item that consumers search extensively for and are very reluctant to accept substitutes
specialty product
a product unknown to the potential buyer or a known product that the buyer does not actively seek
unsought product
a specific version of a product that can be designated as a distinct offering among an organization’s products
product item
a group of closely related product items
product line
all products that an organization sells
product mix
the number of product lines an organization offers
product mix width
the number of product items in a product line
product line depth
changing one or more of a product’s characteristics
product modification
the practice of modifying products so those that have already been sold become obsolete before they actually need replacement
planned obsolescence
adding additional products to an existing product line in order to compete more broadly in the industry
product line extension
a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products
brand
that part of a brand that can be spoken, including letters, words, and numbers
brand name
the elements of a brand that cannot be spoken
brand mark
the value of company and brand names
brand equity
a brand that obtains at least a third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data
global brand
consistent preference for one brand over all others
brand loyalty
the brand name of a manufacturer
manufacturer’s brand
a brand name owned by a wholesaler or a retailer
private brand
