1. Product
    Bundle of physical,service,and symbolic attributes designed to satisfy a customer's wants and needs
  2. Services
    Intangible tasks that satisfy the needs of consumer and business users (non-physical)
  3. Goods
    Tangible products customers can see,hear,smell,taste, or touch (physical)
  4. Goods-services continuum
    Spectrum along which goods and servies fall according to their attributes,from pure good to pure service
  5. Homeshoring
    Hiring workers to do jobs form their homes
  6. Consumer (B2C) product
    Product destined for use by ultimate consumers
  7. Business-to-business (B2B)
    Product that contributes directly or indirectly to the output of other products for resale;also called industrial or organizational product
  8. Unsought products
    Products marketed to consumers who may not yet recognize a need for them
  9. Convenience products
    Goods and services consumers want to purchase frequently, immediately, and with minimal effort
  10. Impulse goods and servies
    Products purchased on the spur of the moment
  11. Staples
    Convenience goods and servies consumers constantly replenish to maintain a ready inventory
  12. Emergency goods and servies
    Products bought in responce to unexpected and urgent needs
  13. Shopping products
    Products consumers purchase after comparing competing offerings
  14. Specialty Products
    Products with unique characteristics that cause buyers to prize those particular brands
  15. Installations
    Major capital investments in the B2B market
  16. Accessory equipment
    Capital items such as desktop computers and printers that typically cost less and last for shorter periods than installations
  17. Industrial distributor
    Channel intermediary that takes title to goods it handles and then distributes these goods to retailers,other distributors, or business or B2B customers; also called a wholesaler
  18. Component parts and materials
    Finished business products of one producer that become part of the final products of another producer
  19. Raw materials
    Natural resources such as farm products,coal,copper,or lumber that become part of a final product
  20. Supplies
    Regular expenses a firm incurs in its daily operations
  21. MRO Items
    Business supplies that include maintenance items,repair items, and operating supplies
  22. Business services
    Intangible products firms buy to facilitate their production and operating processes
  23. Total quality management (TQM)
    Continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance
  24. ISO 9001:2000
    Standards developed by the International Organization for Standardization in Swizerland to ensure consistent quality assurance for goods and services throughout the European Union (EU)
  25. Benchmarking
    Method of measuring quality by comparing performance against industry leaders
  26. Service encounter
    Point at which the customer and service provider interact
  27. Service quality
    Expected and perceived quality of a service offering
  28. Service quality is determined by five variables:
    • 1. Tangibles
    • 2. Reliability
    • 3. Responsiveness
    • 4. Assurances
    • 5. Empathy
  29. Product line
    Series of related products offered by one company
  30. Product mix
    Assortment of product lines and individual product offerings a company sells
  31. Line extension
    Development of individual offerings that appeal to different market segments while remaining closely related to the existing product line
  32. Product lifecyle
    Progression of a product through introduction,growth,maturity,and deline stages
  33. Introductory stage
    First stage of the product lifecyle,in which a firm works to stimulate sales of a new-market entry
  34. Growth stage
    Second stage of the product lifecycle that begins when a firm starts to realize substantial profits from its investment in a product
  35. Maturity stage
    Third stage of the product lifecycle,in which industry sales level out
  36. Decline stage
    Final stage of the product lifecycle,in which a decline in total industry sales occurs
Card Set
Product and Service Strategies