Chapter 10 and 11 Vocabulary

Chapter 10 and 11 Vocabulary - Product Nondurable good...

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Chapter 10 and 11 Vocabulary Product Goods, service, or idea consisting of tangible and intangible features that satisfies consumers and is received in exchange for money or something else of value Nondurable good Item consumed in one or a few uses Durable good Item that lasts over many uses Services Intangible activities or benefits that an organization provides to consumers in exchange for money or something else of value Consumer Products Products purchased by the ultimate consumer Business Products Products that assist directly or indirectly in providing products for resale Product Item Specific product that has a unique brand, size, or price Product Line Group of products that are closely related because they are similar in terms of consumer needs and uses, market segments, sales outlets, or prices Product Mix All the product lines offered by a company Four L’s of Service Four unique elements that distinguish services from goods: intangibility, inconsistency, inseparability, and inventory
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