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Related Flashcards
Cards In This Set
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Product
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A good, service, or an idea received in an exchange
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Good
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Tangible physical entity
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Service
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An intangible result of the application of human and mechanical efforts to people or objects
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Idea
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A concept, philosophy, image or issue
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Included in product
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Supporting services, installation, guarantees, promises of repair
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Product
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Can be intangible or tangible, includes function social and psychological utilities and benefits
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Total product
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Core product, supplemental features, its symbolic or experiential value
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Core product
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Easy to identify-consists of the fundamental utility or main benefit-addresses the basic need of the consumer
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Supplemental features
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Provided the added value or attributes in addition to the core benefit (installation, delivery, training, financing)-helps differentiate the product brand-required for product to function effectively-ritz carlton
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Symbolic and experiential benefits
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Products often carry symbolic meaning-shopping experience can provide benefit (build-a-bear)-buyers purchase the benefits and satisfaction they think the product with provide (rolex)
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Consumer products
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Products purchased to satisfy personal and family needs
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Business products
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Products bought to used in a frim's operations to resell, or to make other products
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Business products
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Satisfy the goals of the organizations
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Consumer products
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Satisfy their personal wants
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The buyer's intent or the ultimate use of the product
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Determines whether an item is classified as a consumer or business product
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