10.1 & 10.2
Anything tangible offered to a market by a business to satisfy a needs is what?
Product
Individuals or socially related groups who purchase products for personal consumption is called what?
Consumer Market
The first step in new product development is what?
Idea Development
What would be considered a component part(s)?
1. Cash Register
2. Wheat
3. 50 tires
3. 50 tires
Ms. J only purchases & repurchases Starbucks coffee over all others is called what?
Brand Loyalty
Give an example of a tangible product.
Phone, Apple, etc.
Companies and organizations that purchase products for the operation of a business or the completion of a business activity is called what?
Business Market
Legally, McDonald's can only call their spicy Big Mac “new” how many months?
6 months
The nike 'swish' is considered a what?
Brand
Products/materials consumed in operations such as, 50 gallons of gasoline, would be called what?
Supplies
What provides legal protection for the words & symbols used for the McDonald's 'M' & slogan, "i'm lovin' it"??
Trademark
Give an example of capital equipment (major pieces....).
Large office building, airplane, computer system, land, etc.
Adding multiple color options & new features to a purse, would make this basic product into what type of product?
Enhanced Product
Who stepped in to regulate the term 'new'?
FTC (Federal Trade Commission)
Education or insurance are examples of ____________ products.
Intangible
Group of similar products with slight variations in marketing mix to satisfy different needs in market is what?
Product Line
Give example of operating equipment (used in operation/production).
What may be developed to test quality & costs before beginning full-scale production?
Prototype
The symbols ™ (TM) & ® (R) represent what?
Trademarks
A complete set of all products a business offers to its market is what?
Ex: Walmart has multiple categories of products
Product Assortment
Basic, enhanced, & extended
Give TWO examples of raw materials (unprocessed products).
Steel, oil, corn, grain, logs (timber), etc.
Give an example that would make a product extended?
100% guarantee or money back, 3-year warranty, info. on effective use of product, etc.
What is one thing businesses must consider when it comes to packaging?
What is an IMPORTANT/KEY part of the product development process for businesses to achieve?
Product design responds to customer needs/wants