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MKTG 305

Chapter 10 - Developing New Products and Services

TermDefinition
Business Analysis the stage of the new-product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections
Business Products products organizations buy that assist in providing other products for resale (also called B2B products or industrial products)
Commercialization the stage of the new-product process that positions and launches a new product in full-scale production and sales
Consumer Products products purchased by the ultimate consumer
Convenience Products items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort
Development the stage of the new-product process that turns the idea on paper into a prototype
Idea Generation the stage of the new-product process that develops a pool of concepts to serve as candidates for new products, building upon the previous stage's results
Market Testing the stage of the new-product process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy
New-Product Process the seven stages an organization goes through to identify business opportunities and convert them into salable products or services
New-Product Strategy Development the stage of the new-product process that defines the role for a new product in terms of the firm's overall objectives
Product a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value
Product Item a specific product that has a unique brand, size, or price
Product Line a group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range
Product Mix consists of all of the product lines offered by an organization
Protocol a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) what the product will be an do to satisfy customers
Screening and Evaluation the stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort
Services intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value
Shopping Products items for which they consumer compares several alternatives on criteria, such as price, quality, or style
Specialty Products items that a consumer makes a special effort to search out and buy
Unsought Products items that the consumer does not know about or knows about buy does not initially want
Created by: Danielle0051 on 2013-11-01



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