MAR3023 Exam #3 (Brady - FSU)
What is a Product? - ✔✔Good, service, or idea (or combination)
What is a Good? - ✔✔Tangible, physical entity
What is a Service? - ✔✔Intangible, result of application of human and mechanic
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MAR3023 Exam #3 (Brady - FSU)
What is a Product? - ✔✔Good, service, or idea (or combination)
What is a Good? - ✔✔Tangible, physical entity
What is a Service? - ✔✔Intangible, result of application of human and mechanical efforts to
people or objects
What is an Idea? - ✔✔Concept, philosophy, image, or issue
What are the 2 types of Products? - ✔✔1. Consumer Products
2. Business Products
What are Consumer Products? - ✔✔Purchased to satisfy personal and family needs, and are
classified according to how buyers generally behave when purchasing them
What are some Sub-Types of Consumer Products? - ✔✔Convenience Proudcts- inexpensive and
frequent
Shopping Products- planned efforts to purchase
Specialty Products- have unique characteristics
Unsought Products- tow truck, emergency room, etc
What are Business Products? - ✔✔Purchased to use for operations to resell, or to use in
manufacturing of another product (this is MOST COMMON product type) (ex- installations, raw
materials, business services, MRO supplies)
What are Core Products? - ✔✔Physical or intangible good or service that the customer receives
(ex- acetaminophen, cola, beer)
What is a Branded Product? - ✔✔Core Product plus the characteristics that allow the consumer
to differentiate from similar products (Tylenol, Coca-Cola, Blue Moon)
What are Augmented Products? - ✔✔Characteristics that enhance value beyond that of core and
branded products (Think of Starbucks with its "third place" or certain features that make a
product better)
What is the Product Mix? - ✔✔All of the products a company sells (such as all of P&G's
products)
What are Product Lines? - ✔✔Closely related products marketed by an organization (such as all
of Oreo's Different flavors
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