Chapter 13: Developing and Managing Products Flashcards
Good
tangible product
Service
intangible product
purchased to satisfy personal and family needs (convenience, shopping and specialty)
consumer product
bought for resale, for making other products
business product
where buyers want to expert only minimal effort
convenience product
item where buyers are willing to put lots of effort on planning and making purchase
shopping product
item that possesses uniqueness where buyers are willing to spend considerable purchasing effort
specialty product
product that is not actively sought out until a significant event occurs
unsought product
basic material that actually becomes part of a physical product
raw materials
large tools and machines used for production
major equipment
equipment used in a business’ production or office activities
accessory equipment
item that becomes part of a physical item or a product and is a fixed item
component part
used directly in production of another product but not identifiable in the finished product. ex: glue
process material
facilitates production but doesn’t become part of finished product. ex: paper, pencil
supply
intangible product that an organization uses in its operation
business service