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BUS 101: Final Exam Vocab
Professor Baleja, Alma College 2012
22
Business
Undergraduate 1
04/17/2012

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Cards

Term
product
Definition
everything you receive in an exchange (all tangible/intangible attributes and expected benefits: a good, service, idea)
Term
consumer product
Definition
purchased to satisfy personal and family needs
Term
business product
Definition
product bought for resale, for making other products, for use in a firm's operations
Term
convenience product
Definition
inexpensive, freq. purchased item for which buyers use minimal effort
Term
shopping product
Definition
buyers willing to spend considerable effort for planning/making purchase
Term
specialty product
Definition
item has 1+ unique characteristics that group of buyers willing to spend considerable effort
Term
raw material
Definition
basic material that becomes part of physical product
Term
major equipment
Definition
large tools/machines for production
Term
accessory equipment
Definition
standardized equipment used in production/office activities
Term
component part
Definition
becomes part of physical product and is finished ready for assembly/needs little processing
Term
process material
Definition
used directly in production of another product but not easily identifiable in finished product
Term
supply
Definition
item that helps production/operations but not part of finished product
Term
business service
Definition
intangible product that organization uses in operation
Term
product life-cycle
Definition
a series of stages in which a product's sale revenue and profit increase, reach a peak, and then decline
Term
product line
Definition
a group of similar products that differ only in relatively minor characteristics
Term
product mix
Definition
all the products a firm offers for sale
Term
product modification
Definition
the process of changing 1+ of a product's characteristics
Term
line extension
Definition
DV of a new product that is closely related to 1+ products in the existing product line but designed specifically to meet somewhat diff. customer needs
Term
product deletion
Definition
elimination of 1+ products from a product line
Term
brand
Definition
a name, term, symbol, design, or any combo of those that ID's the seller's products as distinct
Term
brand name
Definition
park of the brand that can be spoken
Term
brand mark
Definition
symbol of the brand
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