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30 Cards in this Set
- Front
- Back
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business services |
accessory equipmentCapital items such as desktop computers and printers that typically cost less and last for shorter periods than installations.
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business-to-business (B2B) product |
Product that contributes directly or indirectly to the output of other products for resale; also called industrial or organizational product. |
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consumer product (B2C) |
Product destined for use by ultimate consumers. |
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convenience products |
Goods and services that consumers want to purchase frequently, immediately, and with minimal effort. |
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good |
Tangible product that customers can see, hear, smell, taste, or touch.
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marketing mix |
Blending of the four strategy elements—product, distribution, promotion, and pricing—to fit the needs and preferences of a specific target market. |
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product
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Bundle of physical, service, and symbolic attributes designed to satisfy a customer’s wants and needs.
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product life cycle
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Progression of a product through introduction, growth, maturity, and decline stages.
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product line
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Series of related products offered by one company.
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product mix
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Assortment of product lines and individual product offerings that a company sells. |
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service
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Intangible task that satisfies the needs of consumer and business users.
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service quality
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Expected and perceived quality of a service offering.
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shopping products
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Products that consumers purchase after comparing competing offerings.
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specialty products
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Products that offer unique characteristics that cause buyers to prize those particular brands.
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total quality management (TQM) |
Continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance. |
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accessory equipment
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Capital items such as desktop computers and printers that typically cost less and last for shorter periods than installations. |
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decline stage
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Final stage of the product life cycle, in which a decline in total industry sales occurs. |
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emergency goods and services |
Products bought in response to unexpected and urgent needs. |
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goods–services continuum |
Spectrum along which goods and services fall according to their attributes, from pure good to pure service. |
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growth stage |
Second stage of the product life cycle, which begins when a firm starts to realize substantial profits from its investment in a product. |
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homeshoring
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Hiring workers to do jobs from their homes. |
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impulse goods and services
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Products purchased on the spur of the moment. |
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installations
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Business products such as factories, assembly lines, and large machinery that are major capital investments. |
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introductory stage |
First stage of the product life cycle, in which a firm works to stimulate sales of a new market entry.
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line extension |
Development of individual offerings that appeal to different market segments while remaining closely related to the existing product line.
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maturity stage |
Third stage of the product life cycle, in which industry sales level out. |
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slotting allowances
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Money paid by vendors to retailers to guarantee display of merchandise. |
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staples
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Convenience goods and services that consumers constantly replenish to maintain a ready inventory. |
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total quality management (TQM)
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Continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance. |
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unsought products |
Products marketed to consumers who may not yet recognize a need for them. |
