Final Exam Study Guide Flashcards
What are the 5 reasons firms create new products?
- Changing Customer Needs
- Market Saturation
- Managing Risk through Diversity
- Fashion Cycles
- Improving Business Relationships
What are the 4 types of products?
Convenience
Shopping Product
Specialty
Unsought
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 is known as
Products
What are the items called that have tangible and intangible attributes
Goods
Goods that have one or few uses are known as
Non-durable
Goods that lasts over many uses are known as
Durable Goods
Intangible activities or benefits are known as
Services
A thought that leads to a product or action is known as
Idea
Purchases that are frequent, conveniently, with minimum shopping effort are classified as
Convenience Products
What are the 3 types of convenience goods?
Staples
Impulse
Emergency
What type of goods are purchased at least once a month
Staples
What type of goods are purchased without planning?
Impulse
What type of goods are needed in a hurry
Emergency
How are consumer products classified?
- Effort spent decision
- Attributes used in making decision
- Frequency of purchase
What type of product is bought by consumers comparing several alternatives on criteria such as price, quality, or style. They are nought less frequently than convince items and take more time to consider options
Shopping Products
What type of products require consumers to make a special effort to search out and buy?
Specialty Products
What type of products have consumers purchases because of unique characteristics or loyalty to a specific brand that are not easily substitutable
Specialty Products
What type of products are usually not known about before the purchase or items that are not initially sought after?
Also known as “no desire to buy under normal circumstances”
Unsought Products
What term refers to the entire category or industry of a product?
Product Class
What term refers to a specific product that has an unique brand, size, or price identified by an SKU unit
Product Item
What term refers to groups of associated items/products
Product Line
What term refers to 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 product within a product line is known as
Depth