Pride and Ferrell Marketing- Chapter 11

a tangible physical entitiy
an intangible result of the application of human and mechanical efforts to people or objects
a concept, philosophy, image, or issue
consumer products
products purchased to satisfy personal and family needs
business products
products bought to use in a firm’s operations, to resell, or to make other products
convenience products
relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort
shopping products
items for which buyers are willing to expend considerable effort in planning and making purchases
specialty products
items with unique characteristics that buyers are willing to expend considerable effort to obtain
unsought products
products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying
facilities and nonportable major equipment
accessory equipment
equipment that does not become part of the final physical product but is used in production or office activities
raw materials
basic natural materials that become part of a physical product
component parts
items that become part of the physical product and are either finished items ready for assembly or items that need little processing before assembly
process materials
materials that re used directly in the production of other products but are not readily identifiable
MRO supplies
maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product
business services
intangible products that many organizations use in their operations
product item
a specific version of a product that can be designated as a distinct offering among a firm’s products
product line
a group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations
product mix
the composite, or total, group of products that an organization makes available to customers
width of product mix
the number of product lines a company offers
depth of product mix
the average number of different products offered in each product line
product life cycle
the progression of a product through four stages: introduction, growth, maturity, and decline
introduction stage
the initial stage of a product’s life cycle; its first appearance in the marketplace when sales start at zero and profits are negative
growth stage
the product life-cycle stage when sales rise rapidly, profits reach a peak, and then they start to decline
maturity stage
the stage of a product’s life cycle when the sales curve peaks and starts to decline, and profits continue to fall
decline stage
the stage of a product’s life cycle when sales fall rapidly
product adoption process
the five-stage process of buyer acceptance of a product: awareness, interest, evaluation, trial, and adoption
first adopters of new products
early adopters
people who adopt new products early, choose new products carefully, and are viewed as “the people to check with” by later adopters
early majority
individuals who adopt a new products just prior to the average person
late majority
skeptics who adopt new products when they feel it is necessary
the last adopters, who distrust new products