The flashcards below were created by user
kirkgg
on FreezingBlue Flashcards.
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Good
Tangible product we can see, touch, smell, hear, or taste
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Durable goods
Consumer products that provide benefits over a long period of time such as cars, furniture, and appliances
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Nondurable Goods
Consumer products that provide benefits for a short time because they are consumed (such as food) or are no longer useful (such as newspapers)
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Convenience Product
A consumer good or service that is usually low priced, widely available, and purchased frequently with a minimum of comparison and effort
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Shopping Product
A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase.
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Specialty Product
A good or service that has unique characteristics, is important to the buyer, and for which the buyer will devote significant effort to acquire
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Unsought product
A good or service for which a consumer has little awareness or interest until the product or need for the product is brought to his/her attention
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Equipment
Expensive goods an organization uses in its daily operations that last for a long time
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MRO Products
Maintenance, Repair, and Operating Products: Goods that a business customer consumes in a relatively short time
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Raw Materials
Products of the fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their finished products
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Processed Materials
Products created when firms transform raw materials from their original state
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Specialized Services
Services purchased from outside suppliers that are essential to the operation of an organization but are not part of the production of a product
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Component Parts
Manufactured goods or subassemblies of finished items that organizations need to complete their own products
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Innovation
A product that consumers perceive to be new and different from existing products
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Continuous Innovation
A modification of an existing product that sets one brand apart from its competitors
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Knockoff
A new product that copies with slight modification the design of an original product
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Dynamically continuous innovation
A change in an existing product that requires a moderate amount of learning or behavior change
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Convergence
The coming together of two or more technologies to create a new system with greater benefits than its parts
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Discontinuous innovation
A totally new product that creates major changes in the way we live
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