EXAM 3 STUDY GUIDE
: anything that can be offered to a market to satisfy a want or need, including
physical goods, services, experiences, events, persons, places, properties, organizations,
information, and ideas.
: The vast array of goods consumers buy based are
based on shopping habits.
: purchased frequently, immediately, and with
minimum effort. (ex. Toothpaste, soap, newspapers)
: purchased without any planning or search effort.
(ex. Chips, magazines)
: purchased on a regular basis. (ex. Kraft macaroni
and cheese, Weber bread, Crest toothpaste)
: consumer characteristically compares on such
bases as suitability, quality, price, and style. (ex. Furniture,
clothing, used cars, major appliances)
: similar in quality but different enough in price
to justify shopping comparisons.
: differ in product features and services that may
be more important than price. *Seller of these goods must carry
wide assortment to satisfy individual tastes and must have
well-trained salespeople to inform and advise customers.
have unique characteristics or brand identification
for which a sufficient number of buyers are willing to make a
special purchasing effort. (ex. Cars, glasses, watches, shoes, stereo
Low frequency of purchase
Higher priced product
Narrow market, narrow distribution, shorter channels
Control of channel
higher channel members
Positioning, image, perception is powerful
Classified in terms of their relative cost and how
they enter the production process: materials and parts, capital items,
and supplies and business services.
Supplies and business services:
short-term goods that facilitate
developing or managing the finished product. (maintenance and