Marketing Terms: Goods, New Products, and Adoption Process, Quizzes of Introduction to Business Management

Download Marketing Terms: Goods, New Products, and Adoption Process and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 Convenience Good DEFINITION 1 a category of tangible consumer products that the consumer has prior knowledge of and purchases with minimum time and effort TERM 2 Shopping Good DEFINITION 2 category of tangible consumer products that are purchased after the buyer has spent some time and effort comparing the price, quality, perhaps style, and or other attributes of alternative products in several stores TERM 3 Specialty Good DEFINITION 3 category of tangible consumer products for which consumers have a strong brand preference and are willing to expend substantial time and effort in locating and then buying the desired brand TERM 4 Unsought Good DEFINITION 4 goods that the consumer does not know about or does not normally think of buying, and the purchase of which arises due to danger or the fear of danger and lack of desire. TERM 5 Raw Materials DEFINITION 5 basic material from which a good product is manufactured or made, frequently used with an extended meaning. TERM 6 Fabricating Materials DEFINITION 6 business goods that have received some processing and will undergo further processing as they become part of another product TERM 7 Fabricating Parts DEFINITION 7 business goods that have already been processed to some extent and will be assembled in their present form (with no further change) as a part of another product TERM 8 Installations DEFINITION 8 manufactured products that are an organizations's major, expensive, and long-lived equipment and that directly affect the scale of operations in an organization producing goods or services TERM 9 Accessory Equipment DEFINITION 9 Business goods that have substantial value and are used un an organization's operations TERM 10 Operating Supplies DEFINITION 10 the convenience category of business goods, consisting of tangible products that are characterized by low dollar value per unit and a short life and that aid in an organizations operations without becoming part of the finished product TERM 21 Early Majority DEFINITION 21 a group of fairly deliberate consumers that adopts an innovation just before the average adopter in a social system TERM 22 Later Majority DEFINITION 22 a group of skeptical consumers who are slow to adopt an innovation but eventually do so to save money or in response to social pressure from their peers TERM 23 Laggards DEFINITION 23 a group of tradition-bound consumers who are the last to adopt an innovation TERM 24 Adoption Rate DEFINITION 24 speed or ease at which a new product is accepted TERM 25 Product Planning Committee DEFINITION 25 an organizational structure for product planning and developing that involves a joint effort among executives from major departments and, especially in small firms, the president and/or another top level executive