BUS 343 Study Guide - New Product Development, Intelligent Agent, Impulse Purchase

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Core product: all the benefit the product will provide for consumers or business customers. Actual product: the physical good or the delivered service that supplies the desired benefit. Augmented product: the actual product plus other supporting features such as a warranty, credit, delivery, installation, and repair service after the sale. Durable goods: consumer products that provide benefits over a long period of time, such as cars, furniture, and appliances. Nondurable goods: consumer products that provide benefits for a short time because they are consumed (such as food) or are no longer useful (such as newspapers). Convenience product: a consumer good or service that is usually low priced, widely available, and purchased frequently with a minimum of comparison and effort. Staple: basic or necessary items that are available almost everywhere. Impulse products: a product people often buy on the spur of the moment. Emergency products: products we purchase when we"re in dire need.

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