key terms unit 3 (product development) marketing

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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