mktg 3650 ch. 10 Exam Solved 100%

mktg 3650 ch. 10 Exam Solved 100% Product - Answer- A good, service, or idea received in an exchange Good - Answer- A tangible physical entity Service - Answer- An intangible result of applying human and mechanical efforts to people or objects Idea - Answer- A concept, philosophy, image, or issue Total product - Answer- A product including core product, supplemental features, and symbolic/experiential benefits Core product - Answer- The basic benefit a consumer receives Supplemental features - Answer- Additional attributes that enhance the product Symbolic or experiential benefits - Answer- Psychological or emotional value of a product Consumer products - Answer- Products purchased to satisfy personal or family needs Business products - Answer- Products purchased for use in operations, resale, or to make other products Convenience products - Answer- Low-cost, frequently purchased items requiring minimal effort Shopping products - Answer- Items that require comparison and considerable effort before purchase Specialty products - Answer- Unique items consumers are willing to make special efforts to obtain Unsought products - Answer- Products consumers do not actively seek or may not know about Installations - Answer- Buildings and major nonportable equipment Accessory equipment - Answer- Equipment used in production but not part of the final product Raw materials - Answer- Natural materials that become part of a finished product Component parts - Answer- Finished or nearly finished items used in assembling products Process materials - Answer- Materials used in production but not identifiable in final product MRO supplies - Answer- Maintenance, repair, and operating supplies used in production Business services - Answer- Intangible services used in business operations Product item - Answer- A specific version of a product Product line - Answer- A group of closely related product items Product mix - Answer- The total set of products offered by a company Product mix width - Answer- The number of product lines a company offers Product mix depth - Answer- The number of items within each product line Product life cycle - Answer- The stages a product goes through from introduction to decline Introduction stage - Answer- First stage where product enters market, sales low, profits negative Growth stage - Answer- Stage where sales increase rapidly and profits peak Maturity stage - Answer- Stage where sales peak and competition is intense Decline stage - Answer- Stage where sales and profits decrease Product adoption process - Answer- The stages consumers go through in accepting a product Innovators - Answer- First group to adopt new products Early adopters - Answer- Careful choosers who adopt early Early majority - Answer- Adopt just before the average consumer Late majority - Answer- Skeptical consumers who adopt later Laggards - Answer- Last to adopt, resistant to change