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26 Cards in this Set
- Front
- Back
Chapter 11
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Product Concepts
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What is a Good?
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Tangible physical entity
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What is a Service?
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An intangible result of the application of human and mechanical efforts to people or objects
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What is an Idea?
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A concept, philosophy, image, or issue.
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What are the three interdependent elements of a total product offering?
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1. The core product (its main benefit or fundamental utility)
2. Its supplemental features (added value, i.e. installation or delivery) 3. Its symbolic or experiential value (symbolic meaning) |
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What are consumer products?
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Products purchased to satisfy personal and family needs.
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What are business products?
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Products bought to use in a firm's operations, to resell, or to make other products.
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The four categories of Consumer Products
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1. Convenience Products (inexpensive, frequently purchased, minimal purchasing effort)
2. Shopping Products (Considerable purchasing effort from buyer in planning and making purchases) 3. Specialty Products (Items with unique characteristics that buyers are willing to expend considerable effort to obtain) 4. Unsought Products (Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying) |
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Installations
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Facilities and nonportable major eqiupment
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Accessory Eqiupment
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Equipment that does not become part of the final physical product but is used in production or office activities.
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Raw Materials
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Basic natural materials that become part of a physical product.
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Component Parts
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Items that become part of physical product and are either finished items ready for assembly or items that need little processing before assembly
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Process Materials
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Materials that are used directly in the production of other products but are not readily identifiable
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MRO Supplies
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Maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product.
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Business Services
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Intangible products that many organizations use in their operations.
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Product Item
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A specific version of a product that can be designated as a distinct offering among a firms products
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Product Line
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A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations
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Product Mix
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The composite, or total, group of products that an organization makes available to customers.
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Width of product mix
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The number of product lines a company officers
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Depth of product mix
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The average number of different products offered in each product line
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Product Life Cycle
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The progression of a product through four stages: introduction, growth, maturity, and decline.
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Introduction Stage
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Initial stage of a products life cycle; its first appearance in the marketplace when sales start at zero and profits are negative.
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Growth Stage
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The product life-cycle stage when sales rise rapidly, profits reach a peak, and then they start to decline.
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Maturity Stage
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The stage of a product's life cycle when the sales curve peaks and starts to decline, and profits continue to fall.
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Decline Stage
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The stage of a products life cycle when sales fall rapidly
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Product Adoption Process
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The five-stage process of buyer acceptance of a product: awarness, interest, evaluation, trial, and adoption.
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