Podcast
Questions and Answers
What is the primary purpose of a product or service, according to the definition?
What is the primary purpose of a product or service, according to the definition?
- To satisfy consumer needs and wants (correct)
- To create a competitive advantage
- To differentiate the organization from its competitors
- To generate revenue for the organization
What is the primary basis for product classifications?
What is the primary basis for product classifications?
- The intended target market for the product (correct)
- The type of industry the organization operates in
- The product's features and characteristics
- The level of competition in the market
What type of product classification would a refrigerator fall under?
What type of product classification would a refrigerator fall under?
- Specialty product
- Raw material
- MRO (Maintenance, Repair, and Operating) product
- Shopping product (correct)
What is an example of a business service?
What is an example of a business service?
What is the term for a product that consumers do not typically think about buying until they need it?
What is the term for a product that consumers do not typically think about buying until they need it?
What is a key characteristic of a specialty product?
What is a key characteristic of a specialty product?
What is the main difference between consumer and business products?
What is the main difference between consumer and business products?
What type of product would a company's employee training program be classified as?
What type of product would a company's employee training program be classified as?
What is an example of an MRO product?
What is an example of an MRO product?
What is a characteristic of an unsought product?
What is a characteristic of an unsought product?
Flashcards
Product Definition
Product Definition
A product or service offered by an organization to fulfill customer needs and wants.
Consumer Products
Consumer Products
Products intended for personal use by individuals.
Convenience Products
Convenience Products
Products purchased frequently, with minimal effort or comparison.
Shopping Products
Shopping Products
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Specialty Products
Specialty Products
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Unsought Products
Unsought Products
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Business Products
Business Products
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Installations (Business)
Installations (Business)
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MRO Supplies (Business)
MRO Supplies (Business)
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Raw Materials (Business)
Raw Materials (Business)
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Study Notes
Product Definition
- A product or service is offered by an organization to satisfy consumer needs and wants.
- A product consists of three components: the benefit, the core product, and any augmentations.
Product Classifications
- Products are classified based on their intended target market: consumers or businesses.
Consumer Product Classifications
- Convenience products: designed to save time and effort.
- Shopping products: compared and evaluated before purchase.
- Specialty products: unique and often purchased after careful consideration.
- Unsought products: not necessarily desired or sought by consumers.
Business Product Classifications
- Installations: major capital expenditures.
- Accessories: used to support or maintain other products.
- MROs (Maintenance, Repairs, and Operating) supplies: used to support daily operations.
- Raw materials: used to manufacture other products.
- Processed/component materials: used to create other products.
- Business services: intangible products that offer benefits to businesses.
Product Definition
- A product or service is offered by an organization to satisfy consumer needs and wants.
- A product consists of three components: the benefit, the core product, and any augmentations.
Product Classifications
- Products are classified based on their intended target market: consumers or businesses.
Consumer Product Classifications
- Convenience products: designed to save time and effort.
- Shopping products: compared and evaluated before purchase.
- Specialty products: unique and often purchased after careful consideration.
- Unsought products: not necessarily desired or sought by consumers.
Business Product Classifications
- Installations: major capital expenditures.
- Accessories: used to support or maintain other products.
- MROs (Maintenance, Repairs, and Operating) supplies: used to support daily operations.
- Raw materials: used to manufacture other products.
- Processed/component materials: used to create other products.
- Business services: intangible products that offer benefits to businesses.
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