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12 Cards in this Set

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product

anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

service

an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything

three levels of product

1. Core customer value


2. Actual product: brand name, quality level, packaging, design, features,


3. Augmented product: delivery and credit, product support, warranty, after-sale service

1. Convenience product


2. Shopping product



1. product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort.


2. less frequent, shoppers compare carefully on suitability, quality, price and style



3. Specialty Product


4. Unsought product

3. unique characteristics or band identification for which a significant group of buyers is willing to make a special purchase effort


4. consumer either does not know about or knows about but does not normally think of buying

diffusion of innovations theory

a social sciences theory that divides member of a social group into segments according to how likely they are to adopt a new idea

Technology Adoption Life Cycle

A marketing theory that proposes that when marketing a technology product, marketers must cross a chasm, or significant gap, between members of the early adopters segment, before a new product will become successful.

8 major stages in new product development

1. Idea generation, 2. Idea Screening, 3. Concept development and testing, 4. Marketing strategy development, 5. Business analysis, 6. Product development, 7. Test marketing, 8. Commercialization

Crowdsourcing

Inviting broad communities of people such as customer, employees, independent scientist and researchers, and even the public at large, into the new product innovation process.

product life cycle

The course of a products sales and profits over its lifetime.
1. Product development, 2. Introduction, 3. Growth, 4. Maturity, 5. Decline

1. packaging and labelling


2. sustainable packaging

1. Protection, Promotion, Information, Convenience, Unitization, Handling


2. Packaging that meets the requirements of the product while minimizing the environmental, etc. impacts of the product and its package

special characteristics of services

Intangibility, Inseparability, Variability, Perishability