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76 Cards in this Set
- Front
- Back
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Adoption Process
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1. the idea is adopted by a few innovators that have quick decision processes
2. after becoming accepted in market the idea is adopted by early adopters who have social prestige. they get everyone to try the product. 3. Laggers come in at the end to support or adopt the idea |
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Aspinwall Classification System
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A product classification system based on multi-criterion that includes price range, product re-purchase, profit margin etc.
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Augmented Product
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Totality of all the benefits and costs that a consumer receives or experiences with a product. For example: warranties, pre and post services are included in augmented product
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Balanced Product Mix
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Shows profit contributions from a number of products and product lines.
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Brand
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Name, sign or a symbol used to identify products/services of an organization and help distinguish with the competitors.
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Brand Equity
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Overall value of a Branded product in comparison to the same product that is unbranded
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Business Products
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Products that are used in businesses to produce other products
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Business Analysis
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A stage of new product development process where the business situation surrounding the product is analyzed. The analysis is done with data from consumers, etc. to give a solid justification to the management in favor of the product
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Business Unit Product Strategy
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Strategy that is concerned with decisions making involving in the positioning a division, product line or profit center against a competitor. The strategy also includes anticipating changes and demands in technology and deciding among generic strategies.
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Catalog Items
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The items that are on a list which are sold from stock.
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Commercialization
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Last stage of new product development, where full scale production and sale starts. The positioning of the product is also decided.
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Commodities
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Basic products that are available in large quantities, which are pretty much similar and substitutable with other brands.
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Communicability
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The degree to which the benefits of an innovation can be effectively demonstrated to the potential users
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Compatibility
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The degree to which the product is congruent with the values and behaviors of the potential users
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Complexity
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The degree of how easy the product is to use and maintain
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Consumer Products
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The final product that is used by the customer
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Convenience Goods
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Goods that a customer buys frequently. It is a low involvement purchase and the customer learns about the product while using it.
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Core Products
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The main benefit or service the consumer buys
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Corporate Product Policy
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The willingness of a corporate to allow major spending requests from different business unit depending on some product policy. Mainly dependent on whether the support commercial or residential, etc.
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Custom Designed Items
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Items that are designed specifically for a customer or a group of customers
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Decline Stage
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The fourth and final stage of a product's life cycle. A product enters this stage due to technological advances, global competitions, consumers preference change etc.
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Development
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The stage in the new product development process which results in demonstrable product
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Early Adopters
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13.5% of a market. Adopt the new product after innovators. They are leaders of their social standing and help in familiarizing everyone with the product.
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Early Majority
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34% of the market that adopts the new product after the early adopters
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Family Brand
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A branding strategy where the organizations various products and services are clustered under a family with one name. A large and successful family brand name has more chances of getting another product in the family
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Generic Brands
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Products that have no brand labels, called no-name
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Growth Stage
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The second stage in the product life-cycle where the product is widely accepted in the market and shows a rapid increase in its sale volume
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Heterogeneous Shopping Goods
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Sub-class of consumer shopping products that refers to those products taht the consumers see differently
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Homogeneous Shopping Goods
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Sub-class of the products that consumers see the same and will buy anyone of them depending on the price or other variables
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Idea Generation
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First stage of new product development, where the idea is generated for a new product. The idea can come from consumers or competitors, suppliers etc.
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Impulse Goods
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Sub-class of convenience goods that the consumer labels essential and buys it when seen in the store
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Innovators
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First group to adopt new products, 2.5% of the market
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Introductory Stage
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First stage of the product life-cycle, where the product enters the market. Low awareness and competition for the product
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Laggards
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Final group to adopt a new product, represent 16% of the population
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Late Majority
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Fourth group to adopt a new product, represent 34% of the market
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Line Extension
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Organization adds new product to the original product line in order to appeal to new market needs
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Market Harvesting
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Strategy best for market leaders. They get incentives to stay in the market and minimize competition.
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Maturity Stage
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Third stage in product life-cycle, where the sales start to level off due to market saturation.
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Mixed Bundling
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Strategy in which the consumers are offered to buy products/services in a bundle or seperately
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Multibrands
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A strategy in which each product of the organization is given a different brand name
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New Product Development Process
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It is a discipline and a defines process that an organization goes through to develop a new product. Five stages include: idea generation, preliminary screening, detail analysis, development and commercialization
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Packaging
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Protective covering that displays a product image and information
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Planned Obsolescence
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Conscious decision made by an organization to develop a product that will be non-functional in a defined time frame
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Preference Goods
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Sub-class of consumer convenience groups that the consumer have brand preference for.
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Preliminary Screening
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The second stage in the new product development process where the idea is analyzed by both internal and external means to screen out an unsuccessful ideas. Feasibility and attractiveness of the product over long and short term period is evaluated
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Private Label Brands
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Own labels of the larger retail stores that create store loyalty and store equity
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Product Bundling
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Selling two products/services combined in one package that creates more value to the customer than the individual product/service
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Product Class
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An identification category of a set of products that are offered in the market. For example TV, soft drinks etc.
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Product Exit Strategy
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A pre-planned step for deleting a product or product line by clearing inventory out with minimum loss. The consumers of the product being deleted are accustomed to a new product/line.
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Product Form
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A group in the product class that sub-categorizes the product with its particular characteristic. For example, HD TV in TV, or diet cola in soft drinks
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Product Life Cycle
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A belief that the product goes through various stages in the market. Introduction to growth to maturity to decline.
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Product Life Cycle Management
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Process for managing the design, support, production, marketing and ultimate disposal of a product
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Product Line
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A family of products that are related by marketer or customers served by the distribution channel.
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Product Line Consistency
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Two product lines are similar to each other in terms of manufacturing, positioning, marketing mix etc.
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Product Line Depth
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The variety of products available in one product line.
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Product Line Length
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The number of products in a product line
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Product Line Vulnerability
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The dependence of a company's income solely on one or few product lines only
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Product Line Width
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The number of product lines in a product mix
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Product Management
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Process of planning and implementing and controlling an organization's new product to satisfy the needs of the to be customers and reach organization goal
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Product Mix
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The different set of product lines offered by the same organization
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Product Policy
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Decisions relating the product and services that the organization offers
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Product Portfolio Strategy
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A strategy that is concerned with the functional decisions around the successful characteristics of a product
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Pure Bundling
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The customer can either buy the complete bundle or nothing
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Relative Advantage
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Advantage of the innovative idea compared to the already existing product in the market
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Shopping Goods
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The customer does alot of survey and compares many items based on different criteria such as price, quality etc.
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Specialty Goods
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Class of consumer goods that the customers wont buy from anywhere else. They pay premium price to get the product and do not want to search for other products in comparision
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Staple Goods
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Sub-class of convenience consumer goods that are needed on regular basis, like milk and bread etc.
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Style Obsolescence
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The outer style of a product is changed completely so that it can be distinguished from the previous one
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Support Goods
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Class of business products that are used to support business activities
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Tangible Product
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The actual product. The product then includes other physical characteristics such as brand name, packaging etc.
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Trading Down
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Adding a lower priced product to a prestige product line of an organization to reach the market that can not afford the high priced products
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Trademarks
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A legal protection given to the names and logos
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Trading Up
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Adding a high prestige product to the product line to attract more customer to the low priced product and gain new customers with the high income
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Trialability
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The extent to which an innovation can be sampled without giving away the idea to competitors
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Unbalanced Product Mix
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The product lines are using resources unequally
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Unsought Goods
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Class of products that are acquired suddenly to resolve some unexpected problem
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