consumer's perception of the benefits he or she will receive if he or she buys a good or service Show
include features, functions, benefits, and uses of a product. Marketers view products as a bundle of attributes that includes the packaging, brand name, benefits, and supporting features in addition to a physical good. all the benefits the product will provide the consumer or business customers physical good or service that supplies the desired benefit the actual product plus other supporting features such as warranty, credit, delivery, installation, and repair service after the sale consumer products that provide benefits over a long period of time (cars, furniture, appliances) consumer products that provide benefits for a short time because they are consumed or no longer useful (food, newspaper) typically a nondurable good or service that consumers purchase frequently with a minimum effort and comparison Basic or necessary items that are available almost everywhere Consumer packedgood (CPG) or fast- moving consumer good (FMCG) A low cost good that is consumed quickly and replaced frequently. A product people often buy on the spur of the moment. Products we purchase when we're in dire need. goods or services for which consumers send considerable time and effort gathering information and comparing alternatives before making a purchase. Goods or services that has a unique characteristics and is important to the buyer and for which he or she will devote significant effort to attain. goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his/ her attention. a product that consumers perceive to be new and different from existing products a phenomenon whereby something new and valuable is created. a modification of an existing product that sets one brand apart form its competitors. a new product that copes, with slight modification, the design of an original product. dynamically continuous innovation pronounced modification to an existing product that requires a modest amount of learning or change in behavior to use it. a totally new product that creates major changes in the way that we live. the coming together of two or more technologies to create a new system with greater benefits than its separate parts. Research and Development (R&D) Well- defined and systematic approach to how innovation is done within the firm. phases by which firms develop new programs idea generation (ideation) phase in product development in which marketers use a variety of sources to come up with great new ideas provide customer benefits and are compatible with the company mission product concept development marketers test product ideas for technical and commercial success product concept development and screening marketers test product ideas for technical and commercial success marketing strategy development develop a marketing strategy to introduce the product into the market place marketers assess a product's commercial viability company engineers refine and perfect a new product test versions of a proposed product legal mechanism to prevent competitors from producing or selling an invention, aimed at reducing or eliminating competition in a market for a period of time. testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter. imitate the introduction of a product into the marketplace allowing the company to see the likely impact of price cuts and new packaging online platforms that allow thousands of individuals to each contribute small amounts of money in order to fund a new product from a startup company. process by which a business or customer begins to buy and use a new good, service, or idea. the process by which the use of a product spreads throughout a population point when a product's sales spice from a slow climb to an unprecedented new level. reflects how a person foes form being unaware of an innovation though stages from the bottom up of awareness, interest, evaluation, trial, adoption, and confirmation. massive advertising campaign that occurs over a relatively short time frame. a purchase made without any planning or search effort (tammagachi) first segment (roughly 2.5%) of a population to adopt a new product. those who adopt an innovation early in the diffusion process but after the innovators. those whose adoption of a new product signals a general acceptance of the innovation. adopters willing to try new products when there is little or no risk, when purchase becomes an economic necessity, or when there is social pressure to purchase. last consumers to adopt an innovation degree to which a consumer perceives that a new product provides superior benefits. extent to which a new product is consistent with existing cultural values, customs, and practices. degree to which consumers find a new product and its benefits are to others who may adopt it. the ease of sampling a new product and its benefits. What type of products are purchased with little shopping effort?Convenience products are relatively inexpensive items that require little shopping effort. Soft drinks, candy bars, milk, bread, and small hardware items are examples. Consumers buy them routinely without much planning.
Which of the following is the best example of a nondurable good quizlet?Food, writing paper, and most clothing items are examples of nondurable goods.
Which of the following describes a consumer good or service that is usually low priced?Convenience Products
They are bought immediately and without great comparison between other options. Convenience products are typically low-priced, not-differentiated among other products, and placed in locations where consumers can easily purchase them.
What is the difference between a durable good and a nondurable good What are the main differences among convenience shopping and specialty products?Durable goods are items that we can use for an extended period of time, such as appliances or furniture. Nondurable goods are consumed quickly and have a shorter lifespan, such as food or clothing. Services are intangible products purchased for personal use, such as haircuts or car repairs.
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Which type of product is usually a nondurable good and purchased with a minimum of effort by the consumer?
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