Mkt Quiz 2 Ch. 8 And 9

Front 1

Core product

Back 1

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

Front 2

actual product

Back 2

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

Front 3

augmented product

Back 3

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

Front 4

Steps to making a delivering value

Back 4

1. make marketing value decisions
2. understand consumers value needs
3. create the value proposition
4. communicate the value proposition
5. deliver the value proposition

Front 5

continuous innovation

Back 5

modification of an existing product that sets one brand apart from another

Front 6

dynamically continuous innovation

Back 6

change is an existing product that requires a moderate amount of learning or behavior change

Front 7

convergence

Back 7

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

Front 8

discontinuous innovation

Back 8

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

Front 9

new-product development phases

Back 9

1. idea generation
2. product concept development and screening
3. marketing strategy development
4. business analysis
5. technical development
6. test marketing
7. commercialization

Front 10

idea generation

Back 10

identify product ideas that will provide important customer benefits compatible with company mission

Front 11

product concept development and screening

Back 11

expand product ideas into more complete product concepts and estimate the potential commercial success of product concepts

Front 12

marketing strategy development

Back 12

develop preliminary plan for target markets, pricing, distribution and promotion

Front 13

business analysis

Back 13

estimate potential for profit, what is the potential demand, what expenditure will be required, and what is the cost to market the product?

Front 14

technical development

Back 14

design the product and the manufacturing and production process

Front 15

test marketing

Back 15

develop evidence of potential success in the real market

Front 16

commercialization

Back 16

implement full-scale marketing plan

Front 17

prototypes

Back 17

test versions of a proposed product

Front 18

product adoption

Back 18

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

Front 19

tipping point

Back 19

in the context of product diffusion, the point when a products sales spike from a slow climb to an unprecedented new level, often accompanied by a steep price decline

Front 20

innovators

Back 20

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

Front 21

early adopters

Back 21

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

Front 22

early majority

Back 22

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

Front 23

early majority

Back 23

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

Front 24

late majority

Back 24

adopters who are willing to try new products when there is little or no risk associated with the purchase, when the purchase becomes an economic necessity or when there is a social pressure to purchase

Front 25

laggards

Back 25

the last few consumers to adopt an innovation

Front 26

relative advantage

Back 26

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

Front 27

compatibility

Back 27

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

Front 28

complexity

Back 28

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

Front 29

trialability

Back 29

ease of sampling a new product and its benefits

Front 30

observabilty

Back 30

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

Front 31

steps to manage prodcucts

Back 31

1. develop product objectives
2. design product strategies
3. make tactical product decisions

Front 32

cannibalization

Back 32

loss of sales of an existing brand when a new item or product line or product family is introduced

Front 33

Kansei engineering

Back 33

Japanese philosophy that translates customers feelings into design elements

Front 34

Product Life Cycle

Back 34

1. Introduction stage
2. Growth Stage
3. Maturity Stage
4. Decline Stage

Front 35

product life cycle

Back 35

concept that explains how products go through 4 distinct stages from birth to death

Front 36

introduction stage

Back 36

first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace

Front 37

growth stage

Back 37

second stage in the product life cycle, during which consumers accept the product and sales rapidly increase

Front 38

maturity stage

Back 38

third and longest stage in the product life cycle, during which sales peak and profit margins narrow

Front 39

decline stage

Back 39

final stage in the product life cycle , during which sales decrease as customers needs change

Front 40

brand

Back 40

name, a term, a symbol, or any other unique element of a product that identifies one firms product and sets it apart from the competition

Front 41

trademark

Back 41

legal term for a brand name, brand mark, or trade character, trademarks legally registered by the government obtain protection for exclusive use in that country

Front 42

brand equity

Back 42

value of a brand to an organization

Front 43

brand extension

Back 43

new product sold with the same brand name as a strong existing brand

Front 44

family brand

Back 44

brand that a group of individual products or individual brands share

Front 45

national or manufacturer brands

Back 45

brands that the product manufacturer owns

Front 46

private-label brands

Back 46

brands that a certain retailer or distributor owns and sells

Front 47

generic branding

Back 47

strategy in which products are not branded and are sold at the lowest price possible

Front 48

licensing

Back 48

an agreement in which one first sells another firm the right to use a brand for a specific purpose and for a specific period of time

Front 49

cobranding

Back 49

an agreement between two brands to work together to market a new product

Front 50

ingredient branding

Back 50

form of cobranding that uses branded materials as ingredients or component parts in other branded products