Chapter 9 Flashcards
What are the top 5 reasons firms create new products?
1) Changing customers needs
2) Market Saturation
3) Managing risk through diversity
4) Fashion cycles
5) Improvising business relationships
a good, service, or idea consisting of a bundle of
tangible and intangible attributes that satisfies consumers’ needs
and is received in exchange for money are known as
Products
Tangible and intangible attributes make up
Goods
What type of goods are for one or few uses and are typically sold through advertising?
Non-durable goods
What type of goods lasts over many uses and are typically sold through personal selling?
Durable goods
Intangible activities or benefits are known as
Services
A thought that leads to a product or action is known as an
Idea
What type of products are classified by the amount of effort spent on a decision, the attributes used in making the decision, and the frequency of the purchase are defined as
Consumer Products
What type of product is purchased frequently, conveniently, and with minimum shopping effort?
Convenience product
What are the 3 types of convenience goods?
Staples
Impulse
Emergency
What type of convenience good is something you buy at least one a month or more?
Staples
What type of convenience good is purchased without planning?
Impulse
What type of convenience good is needed in a hurry?
Emergency
What type of product involves consumers taking more time to consider options by comparing several alternatives on criteria such as price, quality, or style before the purchase?
Shopping Products
What type of product has consumers who make a special effort to search out and buy because of unique characteristics or loyalty to a specific brand
Specialty Products
What type of products involve consumers who do not know about them or have consumers know about them but they do not initially want or have any desire to buy the product under normal circumstances
Unsought Products
What term refers to an entire category or industry?
Product Class
What term groups associated items together?
Product Line
Which term can be described as a specific product having a unique brand, size or price uses SKUs
Product Item
What term describes the complete set of all products/services offered by a firm?
Product Mix
The number of product lines offered by a firm is known as
Breadth
The number of products within a product line is known as
Depth
What are 4 ways that define a product as “new”?
Newness: Compared to Existing products
Newness: Based on consumer’s perspective
Newness: In legal terms
Newness: From the organization’s perspective
What type of newness is based on the new features and capabilities compared to current offerings is known as
Newness: Compared to Existing Products
