Mkt Chp 8

Front 1

What is the core of the product?

Back 1

transportation

Front 2

Generally, products are either ________products or ______ products,although sometimes the same products are bought by_________

Back 2

consumer/business-to-business/
both consumers and businesses.

Front 3

What does the reason a product is purchased determine?

Back 3

which category a product is placed in any particular purchasing scenario.

Front 4

Consumer products that provide benefits over a long period of time, such as cars, furniture, and appliances. We tend to see greater information search, cognitive investment, and comparative evaluation then with nondurable goods.

Back 4

durable goods

Front 5

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

Back 5

Convenience Products:

Front 6

include basic or necessary items that are available almost anywhere (e.g., milk, bread, or
gasoline).

Back 6

Staples

Front 7

products that we purchase when we are in dire need (e.g.,bandages, umbrellas, or sink uncloggers).

Back 7

Emergency Products

Front 8

A good or service for which
consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase (e.g., laptop computers).

Back 8

Shopping products

Front 9

Involves finding the best possible product selection (e.g.,prom dresses).

Back 9

Attribute-based shopping

Front 10

based on lowest price. Note: price and quality are not always correlated!

Back 10

Price-based shopping

Front 11

Two types of conveniance products:

Back 11

staples and emergency

Front 12

Three examples of specialty products:

Back 12

college, weddings, or AIBO robots

Front 13

Goods that a business customer consumes in a relatively short time (e.g., nuts, bolts, washers).

Back 13

Maintenance, Repair, and Operating (MRO) Products

Front 14

Services purchased from outside suppliers that are essential to the operation of an org nut are not part of the production of a product (e.g., marketing research or legal services).

Back 14

Specialized Services
**know the examples**

Front 15

The FTC states that marketers may call a product
“New”only under the following conditions:
1. The product must be ______ or ________.
2. The product may be called “new”for only ______.

Back 15

1. entirely new/changed
significantly
2.six months

Front 16

From a marketing perspective, an innovation is anything that __________________.

Back 16

customers PERCEIVE as new.

Front 17

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

Back 17

Continuous Innovations

Front 18

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

Back 18

Knockoffs

Front 19

A change in an existing product that requires a moderate amount of learning or behavior change (e.g., audio equipment advances, pda’s).

Back 19

Dynamically Continuous Innovations

Front 20

The coming together of two or
more technologies to create a new system with greater benefits than its parts (e.g.,
pda/computers/cell phones).

Back 20

Convergence
**falls under the category of Dynamically Continuous Innovations**

Front 21

A totally new product that creates major changes in the way we live (e.g., computers, the Internet).

Back 21

Discontinuous Innovations

Front 22

Samsung makes the "coolest gadgets on Earth" by:

Back 22

(1) acting upon consumer preferences, (2) a growing commitment to employing product designers, and (3) forgoing cost cuts to drive up the value of its brands.

Front 23

How does Samsung continue to reinvent itself in terms of leading edge product desgins?

Back 23

pipeline to the top, design-led innovation, question authority, back to school, global reach, and beyond hardware

Front 24

The text identifies the following reasons that new-product development is growing in importance for marketers:

Back 24

1. Technology is changing at an ever increasing rate so that products are developed, get adopted, and then are replaced by better products faster and faster.
2. Competition in global marketplaces makes it essential for firms to continually innovate to
offer new choices to consumers worldwide.
**note that Walmart effect is NOT one of these**

Front 25

What are the phases, in order, of new product development?

Back 25

idea generation->product concept development and screening->marketing strategy development->business analysis->tech dev.->test marketing->commercilization

Front 26

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

Back 26

Product Adoption

Front 27

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

Back 27

Diffusion

Front 28

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.

Back 28

Tipping Point

Front 29

In what phase of the adoption process do impulse purchases tend to occur?

Back 29

evaluation phase

Front 30

What are the order of steps in the adoption process?

Back 30

confirmation->adoption-> trial->evaluation->interest-> awareness

Front 31

Another name for mass advertising

Back 31

media blitz

Front 32

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

Back 32

Early Majority

Front 33

Innovators make up what percent of the product adopters?

Back 33

2.5%

Front 34

What are the five characteristics researchers have identified of innovations that affect the rate of adoption:

Back 34

Relative advantage, compatibility, complexity, trialability, &observability
**note price NOT one**

Front 35

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

Back 35

Relative Advantage

Front 36

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

Back 36

Compatibility

Front 37

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

Back 37

Complexity

Front 38

is the ease of sampling
anew product and its benefits.

Back 38

Trialability

Front 39

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

Back 39

Observability