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Related Flashcards
Related Topics
Cards In This Set
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Product
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Anything that is offered to
a market for consumption that satisfies a need.
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Convenience products
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Relatively inexpensive products that merti little shopping effort (milk, bread, candy, soda, etc)
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Shopping products
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More expensive than convenience product, requiring more shopping effort (clothes, fridge, etc)
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Specialty products
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Extensive search effort, consumer reluctant to accept substitute (car, tv)
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Unsought products
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Product that the buyer does not actively seek (insurance, gravestone, etc)
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Business goods
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Products that assist directly or indirectly in providing products for resale
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Production products (business good)
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Items used in the manufacturing process that become part of the final product (carrots, chicken)
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Support products (business good)
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Items used to assist in producing goods and services
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Product item
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A specific version of a product
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Product line
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A group of closely related product items
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Product mix
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All products an organization sells
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Three levels of a product
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Augmented product (service, warranty, accessories) , basic product (tangible product features), core benefit
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The product life cycle
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Stages a product goes through in the market place: intro, growth maturity, and decline
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Four premises of product life cycle
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1. products have limited ilfe2. product sales pass through distinct stages, each with different marketing implications3. profits from a product vary at different stages in the life cycle4. products require different strategies at different life-cycle stages
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Product life cycle-introduction
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Promote to inform and encourage trial, market skimming or penetration
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