Marketing-Chapter 15
Warranty
A written document stating the quality of a product and promising to correct specific problems that might occur.
Product Mix
All of the products and services that a business sells.
Perishability
Because services are intangible, they cannot be stored for later use.
Features
Facts about a product or service.
Maturity Stage
Occurs when product sales are stable.
Saturated Market
One in which most of the potential customers who need, want, and can afford a product have bought it.
Installation
The act or process of making a good ready for use in a certain place.
Inseparability
The creation of the service cannot be separated from its use.
Quality
The degree of a product's excellence.
Product Line
The group of closely related products within the product mix.
Option
A feature that can be added to a product by customer request.
Product Manager
A marketing professional who guides the selection of products and oversees the marketing and sales of those products.
Guarantee
A promise that a product has a certain quality or will perform in a specific way.
Varability
Each service is nearly always unique.
Convenience Goods
Goods that are usually bought often with little effort and for immediate use.
Shopping Goods
Goods usually purchased after making the effort to compare price, quality, and style in more than one store.
Business Products
Items sold to businesses to keep them operating.
Category Manager
Performs the same functions, as a product manager but is responsible for an entire category of products.
Consumer Products
Products sold to customers for their personal use.
Packaging
Protects products until customers are ready to use them.
Intangible
Something that cannot be touched, tried out before purchase, or returned.
Product Depth
The number of product items within a product line.
Product Width
The number of product lines a company offers.
Product/Service Managment
The organizational structure that manages the development, marketing, and sale of a product.
Growth Stage
The period in which product sales increase rapidly.
Product Planning
The process of deciding which product elements to include that will appeal to the target market.
Product Item
The specific model, color, or size of products in a line.
Product Life Cycle
The stages a product or a product category goes through from its beginning to end.
Directions
The steps that must be carried out in a specific order to complete a task successfully.
Introduction Stage
The time when a new product is first bought to the market.
Usage
The way something is used.
Specialty Goods
Unique items that consumers are willing to spend considerable time, effort, and money to buy.
Decline Stage
When product sales begin to decrease.
