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Details Title: Marketing Chap 11 Description: Marketing Chap 11 Total Flash Cards: 17 Created: 03/19/2007 11:53:17	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term service Definition An intangible task that satisfies consumer or business user needs Term specialty products Definition Products with unique characteristics that cause the buyer to prize them and make a special effort to obtain them. Term marketing mix Definition Blend of four elements of a marketing strategy – product, price, distribution, and promotion Term installations Definition Capital investment of a business, such as a new factory or heavy machinery, that typically is expensive and relatively long-lived. Term raw materials Definition Products, such as farm products (wheat, cotton, soy beans) or natural products (coal, lumber, iron ore), used by business in producing a final product Term total quality management (TQM) Definition Movement that asks all employees in a firm to continually improve products and work processes with the goal of achieving customer satisfaction and world-class performance, Term business services Definition Intangible product a firm buys to facilitate its production and operating processes. Term component parts and materials Definition Finished business products also known as fabricated parts and materials that become part of a final product. Term product life cycle Definition Four stages through which a successful product passes: introduction, growth, maturity, and decline. Term shopping products Definition Products purchased only after the consumer compares competing offerings from competing vendors on bases such as price, quality, style, and color. Term accessory equipment Definition Capital item, usually less expensive and shorter-lived than an installation, such as a laptop computer. Term good Definition Tangible product that customers can see, hear, smell, taste, or touch Term supplies Definition Regular expense items necessary in the firm's daily operation, but not part of the final product Term product Definition Bundle of physical, service, and symbolic attributes designed to enhance buyer want satisfaction. Term convenience products Definition Good or service that the consumer wants to purchase frequently, immediately, and with a minimum of effort. Term product line Definition A series of related products Term product mix Definition A company’s assortment of product lines and individual offerings.