Glossary
- actual product
- A composite of the features and capabilities offered in a product, quality and durability, design and product styling, packaging and brand name
- augmented product
- Support aspects of a product, including customer service, warranty, delivery and credit, personnel, installation and after-sales support
- business product
- Item bought for use in a company’s operations or to make other products
- consumer product
- Item purchased to satisfy personal or family needs
- convenience product
- Inexpensive, frequently purchased and rapidly consumed item that demands only minimal purchasing effort
- product life cycle
- The four major stages through which products move: introduction, growth, maturity and decline
- product line
- A group of closely related product items that are considered a unit because of marketing, technical or end-use considerations
- product mix
- The composite group of products that a company makes available to customers
- Products
- Goods, services or ideas
- Services
- Intangible products involving a deed, a performance or an effort that cannot physically be possessed
- shopping product
- Item chosen more carefully than a convenience product; consumers will expend effort in planning and purchasing these items
- speciality product
- Item that possesses one or more unique characteristic; consumers of speciality products plan their purchases and will expend considerable effort to obtain them