cannot be touched, tasted, seen or felt; are performed as an “action”

are the physical, or tangible, items available for customers to purchase

do not include a tangible product; are the primary “product” of a business

include services which correspond to a physical product

refers to the decisions and processes used to create a “product mix”

allows businesses to create new marketing opportunities; helps to evaluate the success or failure of current products

name, term or symbol used to identify related products

creates a specific image for a product or company; helps to position a product within a given market

provides critical product information

refers to the way a product works or looks; can help to sell a product based on specific features

should appeal to the product’s target market; may change based on consumer preferences

related to the parts, materials or construction elements of a product

process of maintaining product standards

consist of a small group of employees who identify methods for product improvement in an informal and constructive manner

conducted by employees, equipment, auditors and inspectors; should occur at each stage of the production process

group of related items or brands sold by the same company

occur when there are additional product divisions or product categories

includes all the products a company makes or sells

cycle through which every product goes through from launch to expiration; stages are 1. introduction 2. growth 3. maturity 4. decline

refers to the number of available items offered in each product line

refers to the number of different product lines a business produces

process of creating new or improved products; involves brainstorming, designing, building, testing and marketing products; includes creating a physical model or sample of the product

consists of brainstorming new product ideas

includes evaluating product ideas and feasibility

includes evaluating design factors and influences

working model or sample of a product

allows companies to control product quality and production; is conducted within the actual company

includes input, decisions and work from businesses and individuals outside of the actual company

include a selected group of people used to analyze and test the concept of a given product

include marketing or selling a product in an exclusive area; are used to determine potential demand for a product

process of gathering, analyzing and collecting information about a particular target market, competitor or product

includes introducing a product to the marketplace

include a complete revision or new model of an item