Marketing Ch 8

Front 1

Good

Back 1

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

Front 2

Core Product

Back 2

all the benefits the product will provide for consumers of business customers

Front 3

Actual Product

Back 3

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

Front 4

Augmented Product

Back 4

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

Front 5

Durable Goods

Back 5

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

Front 6

Nondurable Goods

Back 6

consumer products that provide benefits for a short time because they are consumed (such as food) are no longer useful (such as newspapers)

Front 7

Convenience Product

Back 7

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

Front 8

Staple

Back 8

basic or necessary items that are available almost everywhere

Front 9

Impulse Product

Back 9

a product people often buy on the spur of the moment

Front 10

Emergency Products

Back 10

products we purchase when we're in dire need

Front 11

Fast-Moving Consumer Goods (FMCG)

Back 11

products that exhibit consistently high velocity of sales in the consumer marketplace

Front 12

Shopping Product

Back 12

a good or service 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 Product

Back 14

a good or service 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 bought to her attention

Front 16

Equipment

Back 16

expensive goods that an organization uses in its daily operation that last for a long time

Front 17

Maintenance, Repair, and Operating (MRO) Products

Back 17

goods that a business customer consumers 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

Kickoff

Back 23

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

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

Convergence

Back 25

the coming together of 2 or more technologies to create a new system with greater benefits than its separate parts

Front 26

Discontinuous Innovation

Back 26

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

Front 27

Idea Generation

Back 27

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

Front 28

Product Concept Development and Screening

Back 28

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

Front 29

Green Marketing

Back 29

the development of marketing strategies that support environmental stewardship by creating an environmentally-founded differential benefit in the minds of consumers

Front 30

Business Analysis

Back 30

the step in the product development process in which marketers assess a product's commercial viability

Front 31

Technical Development

Back 31

the step in the product development process in which company engineers refine and perfect a new product

Front 32

Prototypes

Back 32

test versions of a proposed product

Front 33

Test Marketing

Back 33

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

Front 34

Commercialization

Back 34

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

Front 35

Product Adoption

Back 35

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

Front 36

Diffusion

Back 36

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

Front 37

Tipping Point

Back 37

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 38

Media Blitz

Back 38

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

Front 39

Impulse Purchase

Back 39

a purchase made without any planning or search effort

Front 40

Innovators

Back 40

the first segment (roughly 2.5 percent) of a population to adopt a new product

Front 41

Early Adopters

Back 41

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

Front 42

Early Majority

Back 42

those whose adoption of a new product signals a general acceptance of the innovation

Front 43

Late Majority

Back 43

the adopters who are willing to try new products when these 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 44

Laggards

Back 44

the last consumers to adopt an innovation

Front 45

Relative Advantage

Back 45

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

Front 46

Compatibility

Back 46

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

Front 47

Complexity

Back 47

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

Front 48

Trialability

Back 48

the ease of sampling a new product and its benefits

Front 49

Observability

Back 49

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