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25 Cards in this Set

  • Front
  • Back
a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for omney or some other unit of value.
group of products that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same type of outlets, or fall within a given price range.
product line
number of pruduct lines offered by a company.
product mix
products purchased by the ultimate consumer
consumer goods
products that assist directly or indirectly in providing products for resale.
business goods (also called B2B goods, industrial goods, or org. goods)
items that the consumer purchases frequently, conveniently, and with a min. of shopping effort
convenience goods
items for which the consumer compares several alternatives on criteria, such as price, quality, or style
shopping goods
items, such as Tiffany sterling silver, that a consumer makes a special effort to search out and buy.
Specialty goods
items that the consumer either does not know about or knows about but does not initially want
unsought goods
items used in the manufacturing process that become part of the final product. include raw materials such as grain or lumber, as well as component parts.
production goods.
second class of business goods; items used to assist in producing other goods and services. Include installations, accessory equipment, supplies, and services.
support goods.
the amount of time the FTC advises that the term new be limited to use with a product.
6 months
requires no new leaning by consumers. Ex: Sensor shaver and new inproved tide detergent. to gain sonsumer awareness and wide distribution.
continuous innovation
disrupts consumer's normal routine but does not require totally new learning. Ex: Electric toothbrush, compact disc player, and automatic flash unit for cameras.
dynamically continuous innovation.
requires new learning and consumption patterns by consumers. Ex: VCR, home computer voice recognition software. To educate consumers through product trial and personal selling.
discontinuous innovation
a statement that, before product development begins, identifies (1) a well-defined target market; (2)specific customers' needs, wants, and preferences; and (3) what the product will be and do.
sequence of activities a firm uses to identify business opportunities and convert them to a salable good or service.
new-product process:
-New-product strategy development
-Idea generation
-screening and evaluation
-busniess analysis
-market testing
involves defining the role for a new product in terms of the firm's overall corporate objectives.
new-product strategy development
means to "delight the customer" by achieving quality through a highly disciplined process to focus on development and delivering near-perfect products and services (99.9997% perfect).
Six Sigma
developing a pool of concepts as candidates for new products; must build on the previous stage results.
idea generation
third stage of the new product process; involves internal and external evaluations of the new-product ideas to eliminate those that warrant no further effort.
screening and evaluation
involves specifying the features of the product and the marketing strategy needed to commercialize it and making necessary financial projections.
Business analysis
turning the idea on paper into a prototype.
stage of the new-product process involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy
market testing
positioning and launching the product in full-scale production and sales.