MKTG Chapter 10

Everything, both favorable and unfavorable, that a person receives in an exchange

Used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers

Bought to satisfy an individual's personal wants

Major equipmentaccessory equipmentcomponent partsprocessed materialsraw materialssuppliesservices

A relatively inexpensive item that merits little shopping effort - that is, a consumer is unwilling to shop extensively for such an item.
EX: candy, soft drinks, aspirin, small hardware items, dry cleaning, car washes

A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores

Consumers perceive them to be similar
EX: washers, dryers, refrigerators, televisions

Consumers typically look for the lowest-priced brand with the desired features. They are essentially different
EX: furniture, clothing, housing, universities

A particular item for which consumers search extensively and are very reluctant to accept substitutes
EX: Rolls Royce, Bose speakers, Ruth's Chris Steak House, medical care

A product unknown to the potential buyer, or a known product that the buyer does not actively seek
EX: new products, insurance, burial plots

A specific version of a product that can be designated as a distinct offering among an organization's products
EX: Campbell's Cream of Chick soup

A group of closely related product items
EX: Campbell's canned soup product line

Advertising economies, package uniformity, standardized components, efficient sales and distribution, equivalent quality

The number of product lines an organization offers

The number of product items in a product line