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Definition
| Everything, both favorable and unfavorable, that a person receives in an exchange. |
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Definition
| A product used to manufacture other goods or services, to faciliate an organization's operations, or to resell to other customers. |
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Definition
| A product bought to satisfy an individual's personal wants. |
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Definition
A relatively inexpensive item that merits little shopping effort (consumer is unwilling to shop extensively for such an item).
Examples: candy, soft drinks, combs, aspirin, small hardward items, dry cleaning, car washes. |
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Definition
Product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores.
Consumers usually compare style, practicality, price, and lifestyle compatibility. |
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| Heterogeneous Shopping Product |
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Definition
Shopping product type where products are essentially different.
Examples: furniture, clothing, housing, and universities. |
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Term
| Homogeneous Shopping Product |
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Definition
Shopping product type where products are essentially the similiar.
Examples: washers, dryers, refrigerators, & televisions.
*Consumers usually buy the lowest priced brand with desired features. |
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Definition
A product where consumers search extensively and are very reluctant to accept substitutes.
Examples: rolex watches, Bose Speakers, Rolls Royce automobiles, Ruth's Chris Steakhouse.
*Distribution is usually limited in specific geographic areas where brand names and quality are very important. |
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Term
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Definition
A product known to the potential buyer, or a known product that the buyer does not actively seek. Thought of unneeded products we don't like to think about.
Examples: insurance and burial plots
*Usually require aggressive selling and persuasive advertising. |
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Definition
| A specific version of a product aht can be designated as a distinct offering among an organization's products. |
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Definition
| A group of closely related product items. |
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Definition
| All products that an organization sells. |
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Term
| Benefits from organizing a product line |
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Definition
| Advertising economies, Package uniformity, Standardized components, Efficient sales and distribution, and Equivalent quality. |
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Definition
| The number of product lines an organization offers. |
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Definition
| The number of product items in a product line. |
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| Types of adjustments organizations can make to product items, lines, and mixes. |
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Definition
| Product Modification, Repositioning, Product Line Extension, Product Line Contraction. |
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Definition
| Changing one or more of a product's characteristics. |
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Definition
| The practice of modifying products so those that have already been sold become obsolete before they actually need replacement. |
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Definition
Changing consumers' perceptions of a brand.
Example: DeBeer's advertising women to buy their own diamond rings. |
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Term
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Definition
| Adding additional products to an existing product line in order to compete more broadly in the industry. |
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