Chapter 12 Vocab Quiz

Everything one receives in an exchange, including all tangible and intangible attributes and expected benefits; it may be a good, a service, or an idea.

• Product

• Consumer Product

• Convenience Product

• Shopping Product

A product purchased to satisfy personal and family needs.

• Product

• consumer product

• convenience product

• shopping product

A product bought for resale, for making other products, or for use in a firm's operations.

• product convience

• unsought product

• business product

• shopping product

A relatively inexpensive, frequently purchased item for which buyers want to exert only minimal effort.

• Convenience Product

• product

• shopping product

• unsought product

An item for which buyers are willing to expend considerable effort on planning and making the purchase.

• product

• unsought product

• speciality product

• shopping product

A basic material that becomes part of a physcial product; usually comes from mines, forests, oceans, or recycled solid wastes.

• major equipment

• business service

• raw material

• accessory equipment

An item that facilitates production and operations but does not become part of a finished product.

• business service

• product

• raw material

• supply

An intangible product that an organization uses in its operations.

• supply

• raw materials

• business service

• product

A series of stages in which a product's sales reveneu and profit increase, reach a peak, and then decline.

• business service

• supply

• product life cycle

• raw material

A group of similar products that differ only in relatively minor characteristics.

• raw material

• product modification

• Product line

• line extension