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Chapter 8 Definitions

Chapter 8 Definitions - Chapter8 1 Producteverything,, 2...

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Chapter 8 1. Product – everything, both favorable and unfavorable, that a person receives in an exchange. 2. Business Product (Industrial Product) – a product used to manufacture other goods or services, to  facilitate an organization’s operations, or to resell to other customers. 3. Consumer Product – a product bought to satisfy an individual’s wants. 4. Convenience Product – a relatively inexpensive item that merits little shopping effort. 5. Shopping Product – a product that requires comparisons shopping because it is usually more  expensive than a convenience product and it is found in fewer stores. 6. Specialty Product – a particular item for which consumers search extensively and for which they  are very reluctant to accept substitutes. 7. Unsought Product – a product unknown to the potential buyer or a known product that the buyer  does not actively seek.
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