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KEY TERMSUNIT 3 (PRODUCT DEVELOPMENT)
Marketing
PHYSICAL CHARACTERISTICS OF A
PRODUCT USED TO ENHANCE BENEFITS.
Features
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THE VALUE OR USEFULNESS A CONSUMER RECEIVES
FROM A PRODUCT.
Benefits
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THOSE WHO BUY PRODUCTS FOR THEIR PERSONAL USE.
Final Consumers
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THOSE WHO BUY GOODS TO USE THEMSELVES OR TO USE IN THE
MAKING OF GOODS FOR THE PURPOSE OF RESALE.
Business Consumers
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INEXPENSIVE ITEMS WHICH ARE PURCHASED
FREQUENTLY AND WITH MINIMAL EFFORT.
Convenience Good
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ITEMS PURCHASED ONLY AFTER CUSTOMER HAS COMPARED
PRICE, QUALITY, AND STYLE; SOMETIMES IN MORE THAN 1
STORE.
Shopping Good
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ITEMS THAT CONSUMERS SELDOM GO OUT LOOKING FOR AND THAT MAY COME
TO THEM.
Unsought Good
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AN ITEM THAT IS EXTRAORDINARY OR VERY
UNIQUE (VALUABLE ARTWORK).
Specialty Good
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INVESTED MONEY INTO PROPERTY AND LARGE
MACHINERY WITH VALUES OF OVER $5000.
Capital
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ITEMS PHYSICALLY USED IN THE EVERYDAY OPERATION
OF A BUSINESS (TOOLS, VEHICLES,ETC).
Operating Equipment
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GENERAL PURPOSE CONSUMABLE ITEMS,
WHICH ARE STOCKED FOR RECURRING USE (OFFICE
SUPPLIES).
Supplies
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INDIVIDUAL GOODS USED IN THE MAKING OF A PRODUCT
(WOOD & METAL FOR FURNITURE).
Raw Materials
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AN IDENTIFIABLE PART OF A LARGER PRODUCT (SONY RADIO
IN A FORD TRUCK).
Component Part
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A PRODUCT’S LIFE SPAN FROM INITIAL DEVELOPMENT TO ITS
EVENTUAL REMOVAL FROM THE MARKET.
Product Life Cycle (PLC)
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THE COMBINATION AND MAKE UP OF ALL THE PRODUCTS A
COMPANY HAS TO OFFER.
Product Mix (Assortment)
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A GROUP OF SIMILAR PRODUCTS WITH SLIGHT
VARIATIONS IN THE MARKETING MIX TO SATISFY
DIFFERENT NEEDS.
Product Line
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NAME, MARK, OR LOGO THAT IDENTIFIES A PRODUCT OR
COMPANY.
Brand
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LEGAL PROTECTION, GIVEN BY THE GOVERNMENT, OF A
COMPANY’S NAME OR LOGO.
Trademark
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A WELL-KNOWN NAME OR SYMBOL ESTABLISHED BY ONE COMPANY AND SOLD FOR USE BY ANOTHER TO PROMOTE ITS
PRODUCTS.
Licensed Brand
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The End
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