Chapter 8: Create The Product

Front 1

Good

Back 1

A tangible product that we can see, touch, smell, hear, or taste.

Front 2

Attributes

Back 2

Include features, functions, benefits, and use of a product. Marketers view products as a bundle of attributes that includes the packaging, brand name, benefits, and supporting features in addition to a physical good.

Front 3

Core Product

Back 3

All the benefits the product will provide for consumers or business customers.

Front 4

Actual Product

Back 4

The physical good or the delivered service that supplies the desired benefit.

Front 5

Augmented Product

Back 5

The actual product plus supporting features such as warranty, credit, delivery, installation, and repair service after the sale.

Front 6

Durable Goods

Back 6

Consumer products that provide benefits over a long period of time, such as cars, furniture, and appliances.

Front 7

Nondurable Goods

Back 7

Consumer products that provide benefits for a short time because they are consumed or are no longer useful.

Front 8

Convenience Product

Back 8

A consumer good or service that is usually low priced, widely available, and purchased frequently with a minimum of comparison and effort.

Front 9

Staple Product

Back 9

Basic or necessary items that are avaliable almost everywhere.

Front 10

Impulse Product

Back 10

A product people often buy on the spur of the moment.

Front 11

Emergency Product

Back 11

Products we purchase when we're in dire need.

Front 12

Shopping Products

Back 12

Goods or services for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase.

Front 13

Intelligent Agents

Back 13

Computer programs that find sites selling a particular product.

Front 14

Specialty Products

Back 14

Goods or services that has unique characteristics and is important to the buyer and for which she will devote significant effort to acquire.

Front 15

Unsought Products

Back 15

Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to her attention.

Front 16

Equipment

Back 16

Expensive goods that an organization uses in its daily operations that last for a long time.

Front 17

Maintenance, Repair, and Operating Products

Back 17

Goods that a business customer consumes in a relatively short time.

Front 18

Raw Materials

Back 18

Products of the fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their finished products.

Front 19

Processed Materials

Back 19

Products created when firms transform raw materials from their original state.

Front 20

Component Parts

Back 20

Manufactured goods or subassemblies of finished items that organizations need to complete their own products.

Front 21

Innovation

Back 21

A product that consumers perceive to be new and different from existing products.

Front 22

Continuous Innovation

Back 22

A modification of an existing product that sets one brand apart from its competitors.

Front 23

Knockoff

Back 23

A new product that copies, with slight modification, the design of an original.

Front 24

Dynamically Continuous Innovation

Back 24

A change in an existing product that requires a moderate amount of learning or behavior change.

Front 25

Discontinuous Innovation

Back 25

A totally new product that creates major changes in the way we live.

Front 26

Convergence

Back 26

The coming together of two or more technologies to create a new system with greater benefits than its separate parts.

Front 27

New Product Development

Back 27

The phases by which firms develop new products including idea generation, product concept development and screening, marketing strategy development, business analysis, technical development, test marketing, and commercialization.

Front 28

Idea Generation

Back 28

The first step of product development in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission.

Front 29

Product Concept Development and Screening

Back 29

The second step of product development in which marketers test product ideas for technical and commercial success.

Front 30

Business Analysis

Back 30

The step in the product development process in which marketers assess a product's commercials viability.

Front 31

Technical Development

Back 31

The step in the product development process in which company engineers refine a new product.

Front 32

Prototypes

Back 32

Test versions of a proposed product.

Front 33

Patent

Back 33

A legal mechanism to prevent competitors from producing or selling an invention, aimed at reducing or eliminating competition in a market for a period of time.

Front 34

Test Marketing

Back 34

Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter.

Front 35

Commercialization

Back 35

The final step in the product development process in which a new product is launched into the market.

Front 36

Product Adoption

Back 36

The process by which a consumer or business customer begins to buy and use a new good, service, or idea.

Front 37

Diffusion

Back 37

The process by which the use of a product spreads throughout a population.

Front 38

Tipping Point

Back 38

In the context of product diffusion, the point when a product's sales spike from a slow climb to an unprecedented new level, often accompanied by a steep price decline.

Front 39

Media Blitz

Back 39

A massive advertising campaign that occurs over a relatively short time frame.

Front 40

Impulse Purchase

Back 40

A purchase made without any planning or search effort.

Front 41

Innovators

Back 41

The first segment of a population to adopt a new product.

Front 42

Early Adopters

Back 42

Those who adopt an innovation early in the diffusion process, but after the innovators.

Front 43

Early Majority

Back 43

Those whose adoption of a new product signals a general acceptance of the innovation.

Front 44

Late Majority

Back 44

The adopters who are willing to try new products when there is little or no risk associated with the purchase, when the purchase becomes an economic necessity, or when there is social pressure to purchase.

Front 45

Laggards

Back 45

The last consumers to adopt an innovation.

Front 46

Relative Advantage

Back 46

The degree to which a consumer perceives that a new product provides superior benefits.

Front 47

Compatibility

Back 47

The extent to which a new product is consistent with existing cultural values, customs, and practices.

Front 48

Complexity

Back 48

The degree to which consumers find a new product or its use difficult to understand.

Front 49

Trialability

Back 49

The ease of sampling a new product and its benefits.

Front 50

Observability

Back 50

How visible a new product and its benefits are to others who might adopt it.