| Product | A set of tangible and intangible attributes, which may include packaging, color, price, quality, and brand, plus the seller's services and reputation. A product may be a good, service, place, person, or idea.
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| Consumer product | A product that is intended for purchase and use by household consumers for nonbusiness purposes.
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| Business product | A product that is intended for purchase and resale or for purchase and use in producing other products or for providing services in an organization.
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| Convenience goods | A category of tangible consumer products that the consumer has prior knowledge of and purchases with minimum time and effort.
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| Shopping goods | A 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.
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| Specialty goods | A 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.
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| Unsought goods | A category of consumer tangible products that consists of new products the consumer is not yet aware of or products the consumer is aware of but does not want right now.
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| Raw materials | Business goods that become part of another tangible product prior to being processed in any way.
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| Fabricating materials | Business goods that have received some processing and will undergo further processing as they become part of another product.
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| Fabricating parts | Business goods that already have been processed to some extent and will be assembled in their present form (with no further change) as part of another product.
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| Installations | Manufactured products that are an organization's major, expensive, and long-lived equipment and that directly affect the scale of operations in an organization producing goods or services.
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| Accessory equipment | Business goods that have substantial value and are used in an organization's operations.
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| Operating supplies | 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 organization's operations without becoming part of the finished product.
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| New product | A vague term that may refer to (1) really innovative, truly unique products, (2) replacement products that are significantly different from existing ones, or (3) imitative products that are new to a particular firm but are not new to the market.
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| New-product strategy | A statement identifying the role a new product is expected to play in achieving corporate and marketing goals.
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| New-product development process | A set of six stages that a new product goes through, starting with idea generation and continuing through idea screening, business analysis, prototype development, market tests, and eventually commercialization (fullscale production and marketing).
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| Business analysis | One stage in the new product development process, consisting of several steps to expand a surviving idea into a concrete business proposal.
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| Market tests | One stage in the new product development process, consisting of acquiring and analyzing actual consumers' reactions to proposed products.
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| Adoption process | The set of successive decisions an individual or organization makes before accepting an innovation.
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| Diffusion | A process by which an innovation spreads throughout a social system over time.
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| Stages in the adoption process | The six steps a prospective buyer goes through in deciding whether to purchase something new.
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| Innovation adopter categories | Groups of people differentiated according to when they accept a given innovation.
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| Innovators | A group of venturesome consumers that are the first to adopt an innovation.
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| Early adopters | A group of consumers that includes opinion leaders, is respected, has much influence on its peers, and is the second group (following the innovators) to adopt an innovation.
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| Change agent | In the process of diffusion, a person who seeks to accelerate the spread of a given innovation.
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| Early majority | A group of fairly deliberate consumers that adopts an innovation just before the "average" adopter in a social system.
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| Late majority | 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.
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| Laggards | A group of tradition-bound consumers who are the last to adopt an innovation.
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| Nonadopters | Those consumers that never adopt an innovation.
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| Adoption rate | The speed or ease with which a new product is accepted.
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| Product-planning committee | An organizational structure for product planning and development that involves a joint effort among executives from major departments and, especially in small firms, the president and/or another top-level executive.
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| New-product department or team | An organizational structure for product planning and development that involves a small unit, consisting of five or fewer people, and that reports to the president.
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| Brand manager | See product manager.
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