Question: Product

Answer: A good, service, or idea consisting of tangible and intangible features that satisfies consumer’s needs and is received in exchange for money or something else of value.

Question: Services

Answer: Intangible activities or benefits that an organization provides to satisfy consumers’ need in exchange for money or something else of value.

Question: Consumer Products

Answer: Products purchased by the ultimate consumer

Question: Business Products

Answer: Products organizations buy that assist diractly or indirectly in providing other products for resale.

Question: Product Item

Answer: A specific product that has a unique brand, size, or price.

Question: Product line

Answer: A group of products that are closely related because they are similar in terms of consumer needs and uses, market segments, sales outlets, or prices.

Question: Product Mix

Answer: All the product line offered by a company.

Question: Four I’s of service

Answer: The four unique elements that distinguish services from goods: intangibility, inconsistency, inseparability, and inventory.

Question: Idle Production Capacity

Answer: When the service provider is available but there is no demand for the service.

Question: New-product process

Answer: The seven stages an organization goes through to identify business opportunities and convert them into salable products or services.