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Definition
| the need-satisfying offering of a firm; potential customer satisfaction or benefits |
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| a product's ability to satisfy a customer's nees or requirements; focuses on the customer-and how the customer thinks a product will fit some purpose |
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| a deed perofrmed by one party for another; the customer can't keep it; it is experienced used, or consumed; intangible, not physical; often work in the customer's presence; sold first, then produced |
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| a physical thing to seel; it can be seen and touched; produced in a factory and then sold |
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| the set of all product lines and individual products that a firm sells |
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| a set of individual products that are closely related; may see the products in a line as related because they are produced or operate in a similar way |
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| a particular product within a product line |
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| Consumer products (4 groups) |
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Definition
| products meant for the final consumer; based on how consumers think aabout and shop for proudcts; divided into four groups: convenience, shopping, specialty, unsought-each based on the way consumers buy products |
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| Convenience products (1 of 4 consumer products) |
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Definition
| products a consumer needs but isn't willing to spend much time or effort shopping for; can be a staple, impuls or emergency product |
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| Staples (1 of 3 convenience products) |
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Definition
| products that are bought often routinely, and without much thought |
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| Impulse products-(1 of 3 convenience products) |
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| products that are bought quickly-as unplanned purchases |
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| Emergency Products (1 of 3 convenience products) |
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| products that are purchased immediately when the need is great |
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| Shopping products (1 of 4 consumer products) |
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Definition
| products that a customer feels are worth the time and effort to compare with competing products; either homogeneous or heterogeneous |
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| Homogeneous shopping products (1 of 2 shopping products) |
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Definition
| Shopping proudcts the customer sees as basically the same and wants at the lowest price |
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| Heterogeneous shopping products (1 of 2 shopping products) |
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Definition
| shopping products the customer sees as different and wants to inspect for quality and suitability; ex. Furniture, clothing; Branding is less important for these products b/c the more carefully consumers examine products |
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| Specialty Products (1 of 4 consumer products) |
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| consumer products that the customer really wants and will make a special effort to find; not comparing products, just searching for specific ones; branded product a customer asks for by name |
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| products that potential customers don't yet want or know they can buy |
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| products offering really new ideas that potential customers don't know about yet |
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| Regularly unsought products |
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Definition
| products that stay unsought but not unbought forever; may be a need, but people aren't motivated to satisfiy it |
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| the demand for business products derives from the demand for final consumer products |
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| a product whose total cost is treated as a business expense in the year it is purchased |
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| a long-lasting product that can be used and depreciated for many years |
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| Business Product Classes (6 classes) |
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Definition
| Based on how buyers think about products and how the products will be used; Five classes are: installations, accessories, raw materials, components supplies, and professional services |
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| Installations (1 of 6 business product classes) |
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Definition
| important capital items such as buildings, land rights, and major equipment; improve during growth periods |
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| Accessories (1 of 6 business product classes) |
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Definition
| short-lived capital items-tools and equipment used in production or office activites; cost less and last a shorter time than installations multiple buying influence is less important |
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| Raw Materials-2 types (1 of 6 business product classes) |
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Definition
| unprocessed expense items that are moved to the next production process with little handling; 2 types: Farm products, grown by farmers and natural products that occur in nature |
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| Components (1 of 6 business product classes) |
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Definition
| process expense items that become part of a finished product; can be parts- items that are ready for assembly or materials-times such as wire or plastic that have already been processed but must be processed further before becoming part of the final product |
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| Supplies (1 of 6 business product classes) |
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Definition
| expense items that do not become part of a finished product; can be mantenance, repair or operating supplies (MRO supplies) |
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| Professional Services (1 of 6 business product classes) |
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Definition
| specialized services that support a firm's operations; usually expense items |
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| the use of a name, term symbol or design to identify a product; a word letter or a group of words or letters |
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| includes only those words, symbols, or marks that are legally registered for use by a single company |
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| the same as a trademark except that it refers to a service offering |
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| Brand familiarity (5 levels) |
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Definition
| means how well customers recognize and eaaept a company's brand; Five levels: rejection, nonrecognition, recognition, preference, and insistence |
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| Brand Recognition/Nonregogntion |
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Definition
| Final customers remember the brand/ final consumers don't recognize a brand at all |
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| target customers usually choose the brand over other brands |
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| customers insist on a firm's branded product and are willing to search for it |
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| The value of a brand to its current owner or to a firm that wants to buy it; the value of a brand's overall strength in the market |
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| spells out what kinds of marks can be protected and the exact method of protecting them |
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| the same brand name for several products; ex. Nabisco, American Eagle |
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| a well-known brand that sellers pay a fee to use |
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| separate brand names for each product-when it's important for the products to each have a separate identity, as when products vary in quality or type |
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| products that have no brand at all other than identification of their contents and the manufacturer or middleman; ex. hunny oh's |
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| brands created by producers, sometimes called national brands |
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| Dealer Brands/Private Brands |
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Definition
| brands created by middlemen; examples include the brands of Wal-Mart, Kroger |
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| the competition between dealer brands and manufacturere brands; question of whose brands will be more popular |
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| promoting, protecting and enhancing the product |
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| Universal Product Code (UPC) |
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Definition
| identifies each product with marks readable by electronic scanners |
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| Federal Fair Packaging and Labeling Act |
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| requires that consumer goods be clearly labeled in easy-to-understand terms to give customers more information |
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| explains what the seller promises about its product |
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| says that producers must provide a clearly written warranty if they choose to offer any warranty |
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