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Anything tha can be offered to a market for attention; acquistion; use; or consumption that might satisfy a want or a need.
A form of product that consists of activities; benefits; or satisfactions offereed for sale that are essentially intangible and do not result in the ownership of anything.
What are the two main classifications of products?
Consumer and Industrial
Name 4 types of consumer products?
Convenience; shopping; specialty; unsought
Name 3 types of industrial products?
Materials & parts; capital items; supplies & services
Less frequently purchased products and services that customers compare carefully on suitability; quality; price; and style.
Products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
Products that aid in the buyer's production or operations; including installations and accessory equipment.
What are product attributes?
Quality; features; style; design
Creating customer value and satisfaction
Product quality has two dimensions. What are they?
Level and consistency
A competitive tool for differentiating the company's product from competitors' products.
What is another way to add customer value?
Through product tyle and design
A name; term; sign; symbol; or design; or a combination of these; that identifies the maker or seller of a product or service.
Name 3 things that a label functions to do?
identifies; describes; promotes
What 3 things has affected labeling in recent times?
Unit pricing; open dating; nutritional labeling
A group of products that are closely related because they function in a similare manner; are sold to the same customer groups; are marketed through the same types of outlets; or fall within given price ranges.
Consists of all the product lines and items that a particular seller offers for sale.
Product mix (product portfolio)
What are the 7 steps of the new product development process?
1) idea generation 2) idea screening 3) Concept development and testing 4) marketing strategy development 5) business analysis 6) product development 7) test marketing
What are two sources of idea generation?
Internal and external
Name some sources of external idea generation
suppliers; distributors; competators; customers
The course that a product's slaes and profits take over its lifetime