Chapter 10: Product Concepts Flashcards
Product
Anything, both favourable and unfavourable, received by a person in exchange for possession, consumption, attention, or short-term use.
Business product
A product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers.
Consumer product
A product bought to satisfy an individual’s personal wants. Four types of consumer products: convenience, shopping, specialty, and unsought products.
Convenience product
A relatively inexpensive item that merits little shopping effort. Ex. candy or gum.
Shopping product
A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores. Two categories are heterogenous (distinct characteristics) or homogenous (ones that do the same thing) shopping products. Ex. computer.
Specialty product
A particular item with unique characteristics for which consumers search extensively and for which they are very reluctant to accept substitutes. Ex. cars.
Unsought product
A product unknown to the potential buyer or a known product that the buyer does not actively seek.
Product item
A specific version of a product that can be designated as a distinct offering among an organization’s products. (Tomato soup from Campbell).
Product line
A group of closely related product items. (Campbell’s different kind of soups).
Product mix
All products that an organization sells. (Everything Campbell’s sells).
Product mix width
The number of product lines an organization offers.
Product line length
The number of product items in a product line.
Product line depth
The different versions of a product item in a product line.
Product modification
Changing one or more of a product’s characteristics.
Planned obsolescence
The practice of modifying products so those that have already been sold become obsolete before they actually need replacement.
Product line extension
Adding products to an existing product line to compete more broadly in the industry.
Brand
A name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitor’s products.
Brand name
That part of a brand that can be spoken, including letters, words, and numbers.
Brand mark
The elements of a brand that cannot be spoken.
Brand equity
The value of company and brand names.
Global brand
A brand with at least 20 percent of the product sold outside its home country or region.
Brand loyalty
A consistent preference for one brand over all others.
Generic product
A no-frills, no-brand-name, low-cost product that is simply identified by its product category.
Manufacturer’s brand
The brand name of a manufacturer that actually manufactures the product it is selling. Ex. Samsung.
