Product Strategy

Product:

Bundle of physical, service, and symbolic attributes designed to enhance buyers' want&-satisfaction.

Convenience Products:

Products that consumers want to purchase frequently, immediately, and with a minimum of effort.

Shopping Products:

Products purchased only after the consumer has made comparisons of competing products in competing stores on such bases as price, quality, style, and color.

Specialty Products:

Products with unique characteristics that cause the buyer to prize them and make a special effort to obtain them.

Installations:

Major capital items, such as new factories and heavy machinery, that typically are expensive and relatively long&-lived.

Accessory Equipment:

Capital items, usually less expensive and shorter&-lived than installations, such as typewriters,hand tools, and adding machines.

Industrial Distributor:

Wholesaling marketing intermediary that operates in the industrial products market and typically handles small accessory equipment and operating supplies.

Component Parts and Materials:

Finished industrial products that actually become part of the final producer. Also known as fabricated parts and materials.

Raw Materials:

Industrial products,such as farm products (wheat, cotton,soybeans) and natural products (coal,lumber, iron ore), used in producing final products.

Supplies:

Regular expense items necessary in the firm's daily operation but not part of the final product.

MRO Items:

Supplies for an industrial firm, categorized as maintenance items, repair items, or operating supplies.

Business Services:

Intangible products firms buy to facilitate their production and operational process.

Product Life Cycle:

Four stages through which a successful product passes introduction, growth, maturity, and decline.

Adoption Process:

Series of stages in the consumer decision process regarding a new product, including awareness, interest, evaluation, trial, and rejection or adoption.

Consumer Innovators:

First purchasers of a new product.

Diffusion Process:

Acceptance of new products by the members of a community or social system.

Customer Service:

Manner in which marketers treat their customers and the related activities that enhance the value of the customers' purchases.

Warranty:

Guarantee to the buyer that the producer will replace or repair a product or refund its purchase price if the product proves defective during a specified time period.