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Definition
| good, service or idea consisting of tangible and intangible features that satisfies consumers and is received in exchange for money or something else of value |
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| intangible activities or benefits that an organization provides to consumers in exchange for money or something else of value |
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| lastos over many uses such as appliances cars and stereo equipment |
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| item consumed in one or a few uses such as food or fuel |
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| products purchased by the ultimate consumer |
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| assist directly or indirectly in providing products for resale |
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| Types of Consumer Products |
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| Convenience(toothpaste, soap), Shopping(TVs airline tickets), Specialty(Rolex), Unsought (Burial insurance, thesaurus) |
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| Sales of business products frequently result (or are derived) from the sale of consumer products. Ex:the demand for ford cars increases, the demand for paint spraying equipment will increase from the derived demand of more ford cars |
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| Components(items that become part of the final product) or support products(used to assist in producing other goods and services including: Installations, Accessory equipment, Supplies, industrial services. |
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| Specific product that has a unique brand, size or price Ex: Ultra Downy softener for cloths that comes in several different sizes. each size has a separate stock keeping unit (SKU) |
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| All the product lines offered by a company. Ex: Cray Inc and their super computer lines sold to governments |
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| Delivered by 1) people or equipment 2) business firms or nonprofit organizations 3) government agencies. |
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Definition
Intangibility- cant be touched or seen
Inconsistency-varied abilities of the people who deliver the service
Inseparability- consumers inability to distinguish the service provider from the service itself
Inventory- cost of inventory handling that relate to their storage, perishability and movement.
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Term
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Definition
| when the supply of the service exceeds demand for it. |
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Term
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Definition
sequence of activities a firm uses to identify business opportunities and convert them into salable goods or services
- new product strategy development
- idea generation
- screening and evaluation
- business analysis
- development
- marketing test
- commercialization
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