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35 Cards in this Set
- Front
- Back
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Product |
A good, service, or idea consisting of tangible and intangible features that satisfies consumers' needs and is received in exchange for money or something else of value |
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Goods |
Has tangible attributes that a consumer's five senses can percieve |
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Durable Good |
is one that usually last over many usese, such as appliances, cars, and mobile phones
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Non-durable Good |
is an item consumed in one for a few uses, such as food products and fuel |
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Services |
Intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money for something else of value. |
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Consumer Products |
Products purchased by the ultimate consumer |
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Convenience Products |
items that consumer purchases frequently, conveniently, and with a minimum of shopping effort. |
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Shopping Product |
items for which the consumer compares several alternatives on criteria such as price, quality, or style. |
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Specialty Products |
items that consumer makes a special effort to search out and buy |
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Unsought Products |
item that the consumer does not know about or knows about but does not initially want. |
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Business Products |
Products organiztitons buy that assist directly or indirectly in providing other products for resale |
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Derived Demand |
sales of business products frequently result from the sale of consumer products |
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Components |
items that become part of the final product |
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Support Products |
items used to assist in producing other products and services |
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Installations |
buildings and fixed equipment |
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Accessory Equipment |
tools, office equipment |
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Supplies |
stationery, paper clips, and brooms |
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Industrial Services |
Maintenance, repair, and legal services |
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Stock Keeping Unit |
Unique identification number that defines an item for ordering or inventory purposes |
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Product Item |
A specific product that has a unique brand, size, and price |
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Product Line |
A group of products that are closely realted because they are similar in terms of consumer needs and uses, market segments, sales, outlets, or prices |
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Product Mix |
All the product lines offered by a company |
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Four I's of Services |
Intangibility Inconsistency Inseparability Inventory
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continuous Innovation` |
consumers don't need to learn new behaviors |
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Dynamically Continuous Innnovation |
only minor changes in behavior are required
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Discontinuous Innovation |
making the consumer learn entirely new consumption patterns to use the product |
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Protocol |
a statement that identifies a well-defined target market, specific customers needs, wants, and preferences; and what the product will be and do to satisfy consumers |
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New-Product Development Process |
The seven stages an organization goes through to identify business opportunities and convert them into salable products and services |
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New-product Strategy Development |
The stage that defines the role for a new product in terms of the firm's overall objectives |
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Idea Generation |
involves developing a pool of concepts to serve as candidates for new products |
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Screening and Evaluation |
internally and externally evaluates new-product ideas to eliminate those that warrant no further effort |
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Business Analysis |
specifies the features of the products and the marketing strategy needed to bring it to market and make financial projections |
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Development |
turns the idea on paper into a prototype |
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Market Testing |
involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy |
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Commercialization |
positions and launches a new product in full-scale production and sales |
