MKT 3401 Chapter : MKT 3401 Ch 10 Outline
Document Summary
Product- may be defined as everything, both favorable and unfavorable, that a person receives in an exchange (tangible good, service, idea, or a combination of the three) Unsought products: a product unknown to the potential buyer or a known product that the buyer does not actively seek: new products, require aggressive personal selling and highly persuasive advertising, salespeople actively seek leads to potential buyers. Product item: a specific version of a product that can be designated as a distinct offering among an organization"s product. Product line: a group of closely related product items. Product mix: includes all the products an organization sells. Items have become obsolete because of new product entries: product line contraction: a strategic way to deal with overextension (when a company adds too many products) Brand: a name, term, symbol, design, or combination thereof that identifies a seller"s products and differentiates them from competitors" products.
