Marketing Exam 3

Chapter 4....1st set of flashcards

25 cards   |   Total Attempts: 182
  

Cards In This Set

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