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25 Cards in this Set
- Front
- Back
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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.
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product
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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.
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product line
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number of pruduct lines offered by a company.
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product mix
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products purchased by the ultimate consumer
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consumer goods
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products that assist directly or indirectly in providing products for resale.
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business goods (also called B2B goods, industrial goods, or org. goods)
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items that the consumer purchases frequently, conveniently, and with a min. of shopping effort
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convenience goods
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items for which the consumer compares several alternatives on criteria, such as price, quality, or style
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shopping goods
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items, such as Tiffany sterling silver, that a consumer makes a special effort to search out and buy.
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Specialty goods
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items that the consumer either does not know about or knows about but does not initially want
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unsought goods
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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.
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production goods.
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second class of business goods; items used to assist in producing other goods and services. Include installations, accessory equipment, supplies, and services.
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support goods.
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the amount of time the FTC advises that the term new be limited to use with a product.
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6 months
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requires no new leaning by consumers. Ex: Sensor shaver and new inproved tide detergent. to gain sonsumer awareness and wide distribution.
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continuous innovation
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disrupts consumer's normal routine but does not require totally new learning. Ex: Electric toothbrush, compact disc player, and automatic flash unit for cameras.
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dynamically continuous innovation.
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requires new learning and consumption patterns by consumers. Ex: VCR, home computer voice recognition software. To educate consumers through product trial and personal selling.
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discontinuous innovation
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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.
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protocol
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sequence of activities a firm uses to identify business opportunities and convert them to a salable good or service.
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new-product process:
-Stages: -New-product strategy development -Idea generation -screening and evaluation -busniess analysis -development -market testing -commercialization |
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involves defining the role for a new product in terms of the firm's overall corporate objectives.
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new-product strategy development
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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).
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Six Sigma
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developing a pool of concepts as candidates for new products; must build on the previous stage results.
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idea generation
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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.
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screening and evaluation
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involves specifying the features of the product and the marketing strategy needed to commercialize it and making necessary financial projections.
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Business analysis
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turning the idea on paper into a prototype.
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development
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stage of the new-product process involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy
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market testing
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positioning and launching the product in full-scale production and sales.
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commercialization
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