INTRODUCTION TO PRODUCT MANAGEMENT Flashcards
is anything that can offered to
market for attention, acquisition ,use,
consumption that might satisfy a want or
need.
PRODUCT
are physical goods that can be seen,
touched, and felt.
TANGIBLE PRODUCT
offers benefits such as convenience, efficiency, or expertise but have no physical form.
INTANGIBLE PRODUCTS OR SERVICE
These attributes can be physical, such as the size, shape, or color of the product, or they can be more abstract, such as the brand image, quality, or value.
ASSOCIATED ATTRIBUTES
A value exchange is a description of a transaction which can include, but may not necessarily be, financial in nature
EXCHANGE VALUE
is defined as a measurement that determines how happy customers are with a company’s products, services, and capabilities.
CUSTOMER SATISFACTION
the unobservable characteristics which a physical good possesses, such as style, quality, strength, beauty, etc.
INTANGIBLE ATTRIBUTES
If something is tangible, it is clear enough or definite enough to be easily seen, felt, or noticed.
TANGIBILITY
an additional benefit or special service supporting the main product. Sellers use this method to provide their clients with additional value for free. Offering a warranty is an example of product augmentation.
augmented product
are consumer goods that have a life span of more than three years and are used repeatedly over time.
Durable goods
such as food, beverages, personal hygiene products, and clothing are frequently bought consumer goods.
Consumer staples
frequently, immediately, and with minimal effort. Examples include soft drinks, soaps, and newspapers.
Convenience goods
are purchased when a need is urgent—umbrellas during a rainstorm, flash light, and batteries.
Emergency goods
are those the consumer characteristically compares on such bases as suitability, quality, price, and style.
Shopping goods
are those the consumer does not know about or normally think of buying, such as smoke detectors.
Unsought goods
The size, shape, or physical structure of a product.
PRODUCT FORM
Is the level at which the product’s primary
characteristics operate.
Performance quality
is a measure of the product’s expected
operating life under natural or stressful conditions, is a valued attribute for durable goods.
Durability
is a measure of the probability that a
product will not malfunction or fail within a specified time period.
Reliability
measures the ease of fixing a product
when it malfunctions or fails.
Repairability
describes the product’s look and feel to the
buyer. It creates distinctiveness that is hard to copy.
Style
easy to place an order.
Ordering ease
speed, accuracy, and care.
Delivery
make product operational.
Installation
advice services.
Customer consulting
keep purchased products
in good working order.
Maintenance and repair
The assortment of products that a company
offers to a market
Product Mix
how many different product
lines?
Width
the number of items in the
product mix
Length
The no. of variants offered
in a product line
Depth
how closely the product
lines are related in usage
Consistency
If a beverage company introduces flavored water as a new product line, that would be an
EXPANSION
A company narrows its product mix to eliminate lower-performing products or lines or to simplify remaining products or lines.
CONTRACTING OR DROPPING THE PRODUCT MIX
A company improves a current product rather than creating a completely new product.
ALTERATION OF EXISTING PRODUCT
is a prediction of the demand for a new product.
product forecast
involves analyzing past trends, market conditions, customer feedback, and other data to determine a product’s likely sales volume when it is launched.
Product forecasting
