| A | B |
|---|
| Product | anything offered to a market by a business to satisfy needs |
| Basic Product | the physical product in its simplest form. |
| Enhanced Product | a product with added features and options to the basic product |
| Extended Product | product that includes additional features that are not part of the physical product but increase its usability |
| Features | things added to improve the basic product |
| Maintenance Contract | a support service that will pay for repair work if the product fails to operate profitably |
| Brand | a name, symbol, word, or design that identifies a product, service, or company |
| Image | a unique, memorable quality of a brand |
| Test Market | a small, representative part of the total market |
| Prototype | a sample of the product |
| Product Life Cycle | describes the stages of sales and profit performance through which all brands of a product progress as a result of competition |
| Maturity Stage | The stage of the product life cycle where customers have a hard time identifying differences in products and competition becomes very intense |
| Growth Stage | The stage of the product life cycle where several brands become available; sales and profits increase |
| Decline Stage | The stage in the product life cycle where a better product is introduced, resulting in declining sales and profits |
| Introduction Stage | The stage in the product life cycle where a brand new product hits the market; prices are high and profits are low |
| Services | Activities of value that do not result in the ownership of anything tangible |
| Franchising | Allows a service to be provided in a variety of locations while maintaining a consistent image and level of quality |
| Product/Service Planning | Assisting in the design and development of products and services that will meet the needs of prospective customers |
| Protection and Security | The primary purpose of packaging |
| Form | One of the 4 ways that services differ from products; they do not include a physical product |
| Availability | One of the 4 ways that services differ from products; the availability and the skill of the person providing the service is very important to the consumer |
| Quality | One of the 4 ways that services differ from products; the value of the service depends on who provides it |
| Timing | One of the 4 ways that services differ from products; a service cannot be stored or held until the customer needs it |
| Warranties | This is one way in which a company can add value to a product that they sell |
| Extended hours | This is one example of how service businesses are attempting to meet customers' needs |
| Look for new markets | This is a common response to the maturity stage by a business |
| New uses | This is a way for businesses to move a product out of the decline stage |
| Marketing Mix | the blending of four marketing elements; product, price, promotion, and distribution |
| Target Market | A smaller group of segment of a market in which customers have similar characteristics and needs |
| Economic Utility | The amount of satisfaction a consumer receives from the consumption of a particular product or service |
