Product 1:innovation And New Product Development

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Attributes

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Include features, functions, benefits, and uses of a product. Marketers view products as a bundle of attributes that includes the packaging, brand name, benefits, and supporting features in addition to a physical good.

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Good

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

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Core product

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All the benefits the product will provide for consumers or business customers.

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Actual product

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All the benefits the product will provide for consumers or business customers.

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Augmented product

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

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Durable goods

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

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Nondurable goods

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

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Convenience product

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

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Staple product

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Basic or necessary items that are available almost everywhere.

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consumer packaged good (CPG) or fast-moving consumer good (FMCG)

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A low-cost good that is consumed quickly and replaced frequently

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impulse product

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A product people often buy on the spur of the moment.

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Emergency products

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Products we purchase when we're in dire need.

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Shopping products

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Goods or services for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase.

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Specialty products

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Goods or services that has unique characteristics and is important to the buyer and for which she will devote significant effort to acquire.

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Unsought products

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Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to her attention

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Equipment

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Expensive goods that an organization uses in its daily operations that last for a long time.

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MRO

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Goods that a business customer consumes in a relatively short time.

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Raw material

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Products of the fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their finished products.

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Processed material

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Products created when firms transform raw materials from their original state.

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Specialized service

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Services that are essential to the operation of an organization but are not part of the production o

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Components parts

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Manufactured goods or subassemblies of finished items that organizations need to complete their own products.

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Innovation

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A product that consumers perceive to be new and different from existing products.

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Creativity

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A phenomenon whereby something new and valuable is created.

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Continuous innovation

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

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Knockoff

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

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Dynamically continuous innovation

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A change in an existing product that requires a moderate amount of learning or behavior change.

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Discontinuos innovation

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

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Convergence

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

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Research and development (R&D)

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A well-defined and systematic approach to how innovation is done within the firm.

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New product development

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The phases by which firms develop new products including idea generation, product concept development and screening, marketing strategy development, business analysis, technical development, test marketing, and commercialization.

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Idea generation

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

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Value co-creation

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The process by which benefits-based value is created through collaborative participation by customers and other stakeholders in the new product development process.

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Product concept development and screening

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

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Business analysis

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

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Technical development

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The step in the product development process in which a new product is refined and perfected by company engineers and others

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prototype

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a test version of a proposed product

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patent

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a legal mechanism to prevent competitors from producing or selling an invention, aimed at reducing or eliminating competition in a market for a period of time

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test marketing

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the sixth step of product development in which the product is tested in a small geographic area that is similar to the larger market the firm hopes to enter

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Simulated test marketing

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Application of special computer software to imitate the introduction of a product into the marketplace allowing the company to see the likely impact of price cuts and new packaging-or even to determine where in the store it should try to place the product.

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commercialization

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

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Crowdfunding

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Online platforms that allow thousands of individuals to each contribute small amounts of money in order to fund a new product from a startup company.

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product adoption

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

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diffusion

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

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tipping point

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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 with a steep price decline

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adoption pyramid

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reflects how a person goes from being unaware on an innovation through stages from the bottom up of awareness, interest, evaluation, trail, adoption, and confirmation.

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media blitz

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

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impulse purchase

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a purchase made without any planning or search effort

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innovators

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

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early adopters

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

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early majority

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

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late majority

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the 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 social pressure to purchase

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laggards

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the last consumers to adopt an innovation

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relative advantage

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

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compatibility

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

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complexity

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

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trialability

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the ease of sampling a new product and its benefits

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observability

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