Term
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Definition
| all the benefits the product will provide for consumers or business customers |
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Term
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Definition
| the physical good or the delivered service that supplies the desired benefit |
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Term
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Definition
| the actual product plus other supporting features such as a warranty, credit, delivery, installation, and repair services after the sale |
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Term
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Definition
| consumer products that provide benefits over a long period of time, such as cars, furniture, and appliances |
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Term
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Definition
| consumer products that provide benefits for a short time because they are consumed (such as food) or are no longer useful (such as newspapers) |
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Term
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Definition
| a consumer good or service that is usually low-priced, widely available, and purchase frequently with a minimum comparison and effort |
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Term
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Definition
| basic or necessary items that are available almost everywhere |
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Term
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Definition
| products we purchase when we're in need |
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Term
| fast-moving consumer goods (FMCG) |
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Definition
| products that exhibit consistently high velocity of sales in the consumer marketplace |
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Term
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Definition
| a good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase |
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Term
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Definition
| a good or service that has unique characteristics and is important to the buyer and for which the buyer will devote significant effort to acquire |
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Term
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Definition
| goods or services for which a consumer has little awareness or interest until the product or a need for the product is bought to his or her attention (retirement plans or disability insurance) |
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Term
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Definition
| expensive goods that an organization uses in its daily operations that last for a long time (B2B products) |
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Term
| maintenace, repair, and operating products (MRO) |
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Definition
| goods that a business customer consumes in a relatively short time (lightbulbs, cleaning supplies, etc.) |
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Term
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Definition
| products created when firms transform raw materials from their original state |
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Term
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Definition
| manufactured goods or subassemblies of finished items that organizations need to complete their own products (batteries, tires, fuel injectors) |
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Term
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Definition
| process by which the use of a product spreads throughout the population |
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Term
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Definition
| in the context of product diffusion, the point when a product's sales spike from a slow climb to an unprecedented new level, often accompanied by a steel price decline |
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Term
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Definition
| a massive advertising campaign that occurs over a relatively short time frame |
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Term
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Definition
| first segment of a population to adopt a new product (2.5%) |
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Term
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Definition
| those who adopt an innovation early in the diffusion process but after the innovators (13.5%) |
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Term
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Definition
| those whose adoption of a new product signals a general acceptance of the innovation (34%) |
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Term
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Definition
| adoptors who are willing to try new products when there is little or no risk associated with the purchase, when the purchase becomes an economic necessity, or when there is social pressure to purchase (34%) |
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Term
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Definition
| the last consumers to adopt an innovation (16%) |
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