MKT300 Ch. 11 – Flashcards

Anything

A good, service, or an idea received in an exchange. Includes function, social, & psychological utilities and benefits. Also includes supporting services such as installations, guarantees, product information, etc.

Products purchased to satisfy personal and family wants and needs

Products bought to use in a firm's operations to resell or to make other products; purchased to satisfy the goals of the organization.

A specific version of a product that is a distinct offering among an organization's line of products

A group of closely related items viewed as a unit because of marketing, technical, or end-use considerations

The total group of products that an organization makes available to customers example: concepts of product mix width and depth applied to US Proctor and Gamble products.

(see figure 11.3) on page 79

1. Introduction 2. Growth 3. Maturity 4. Decline

The first stage of a product's life cycle

Sales rise rapidly, profits reach a peak, and then they start to decline

Sale curve peaks and starts to decline and profits continue to fall

Sales fall rapidly during this stage

Includes the stages the buyer go through in accepting a product. 1. Awareness: the buyer becomes aware of the product 2. Interest: the buyer seeks info and is receptive to learning about the product 3. Evaluation: the buyer considers the product's benefits and decides whether to try it. 4. Trial: the buyer examines, tests, or tries the product to determine if it meets his or her needs. 5. Adoption: the buyer purchases the product and can be expected to use it again whenever the need for this general type of product arises.

1. Poor Timing* 2. Failure to match product to needs 3. Technical/design problems 4. Failure to send right message 5. Overestimate market 6. Ineffective promotion 7. Insufficient distributor

buyer's intended use of the product

Introduction, Growth, Maturity and Decline.