| A | B |
|---|
| Product/Service Planning | The process of developing the product/service mix for a business by incorporating decisions relating to market opportunities |
| Product Mix | All the products and services a business makes or sells. |
| Goods | Tangible, physical products that satisfy a want or need. |
| Services | Intangible or conceptual products produced to satisfy a want or need. |
| New Product/idea development | Development of products/ideas that have not been offered on the market or may modify what is presently on the market. |
| Product Selection | Choosing products for the business that meet wants and needs for the area and target market |
| Consumer Products | Products used by consumers for family, personal, or household purposes. |
| Consumer Services | Activities used by consumers for family, personal or household purposes |
| Convenience goods | Inexpensive products that are purchased regularly and require little time and effort for purchase decisions |
| Staple Goods | Used often/regularly and are kept on hand. |
| Impulse Goods | Unplanned purchases |
| Emergency Goods | Purchased to satisfy an immediate need |
| Shopping Goods | Products that usually require a great deal of time and effort for the purchase decision. Consumers search and compare similar products prior to purchase. |
| Speciality Goods | Products that are sought by a customer who desires a specific brand or product. |
| Industrial Goods | Goods purchased by a business and used to produce other goods or for resale to consumers |
| Industrial Services | Activities used by a business to ensure proper operation, or contracted by a business to perform a task. |
