Product Concepts Flashcards
Product
Everything, both favorable and unfavorable, that a person receives in an exchange
Convenience Product
A relatively inexpensive item that merits little shopping effort
Shopping Product
A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
Specialty Product
A particular item for which consumers search extensively and are vary reluctant to accept substitutes
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
Product Line
A group of closely related product items
Product Mix
All products that an organization sells
Product Mix Width
The number of product lines an organization offers
Product Line Depth
The number of product items 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 additional products to an existing product line in order 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 competitors’ products
Brand Name
That part of a brand that can be spoken, including letters, words, and numbers
