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product planning & mgmt product development & mgmt decision making to meet changing mkt demand
product classification: consumer products targeted toward individuals & households for final consumption
product classification: industrial or business products purchased for resale, operational needs, or use in further production
product types that consumer goods can be classified into *convenience goods *shopping goods *specialty goods
convenience goods items purchased often w/ little shopping effort (low involvement decision-making)
shopping goods items typically compared at several stores before buying (high-involvement)
specialty goods emote brand loyalty; characterized by "doing whatever it takes" to find & purchase the brand
unsought goods items for which no demand exists because of newness or lack of want
product types that business goods can be classified into *raw&component materials *fab parts *accessory equip *installations *supplies
business goods to produce finished goods or become part of them *raw materials *component materials *fabricated parts
classes of business goods that are used in the production process accessory equipment & installations
operating supplies low-cost items aiding in the production process: lubes, pencils, cleaners
services tasks performed by one individual or firm for another
characteristics of services *often intangible *usually perishable *frequently inseparable from the provider
tangible product those features that can be precisely specified (e.g., color, size, weight)
extended or augmented product both the tangible and intangible (brand image etc) elements of a product
product mix all the product lines that a firm offers
new product opportunities modification of existing products or the development of new product innovations
points on the new product opportunity spectrum *imitative/"me too" *modifications *minor innovations *major innovations
idea generation the process of searching for new product opportunities
brainstorming technique that encourages small groups to voice creative ideas on a specific topic
product screening new product planning phase sorting potential products by pros & cons
concept testing after the screening phase; customers given products to determine interest
business analysis products passing the concept testing phase are evaluated for commericial feasibility
product development products are made tangible & the initial mktg strategy is created
test marketing experimental studies to test the acceptance of the product & mktg strategy
commercialization start of full production & mktg; corresponds to the intro stage of the PLC
product adoption process stages that consumers go through in learning about new products
product adoption takes place when the buyer decides to continue using the product regularly
diffusion process typical rate of adoption by consumers in response to new products
categories of the diffusion process *innovators *early adopters *early majority *late majority *laggards
innovators 3% of pop. 1st to buy a new product. younger, affluent, cosmopolitan
early adopters 13% of pop. 2nd set to buy new product. locally oriented, respected in community, influencers
early majority 34% of pop. above avg income
late majority 34% of pop. less risk taking. middle aged + less affluent
laggards 16% of pop. last to buy. low income. product in maturity stage
product positioning process of developing a product or image in the consumer's mind
position consumer perception relative to competing brands/products
ideal points identify consumers' perception of the perfect bundle or combo of attributes
mix expansion adding new product lines or increasing depth of existing; provides opp for growth
contracting eliminating or reducing lines to weed out low profiters
wide product mix represents a diversification strategy; offering several different product lines
deep product mixes smaller # of product lines; allows the development of several products within each line
product life cycle (plc) pattern of change for most products from inception to departure
stages of product life cycle *introduction *growth *maturity *decline
plc introduction failure rate high. sales grow/profits negative. little competition. initial buyers
growth profitability becomes positive. sales increase, new firms enter mkt
maturity slowing sales level off as mkt saturates; demand peaks; greater price competition
decline sales decline; firms leave mkt; in general plc getting shorter
manufacturer brands "nat'l brands" created by manufacturers
characteristics of good brand names *suggests benefits *simple *pleasant *memorable distinctive *allows additions *available
brand familiariarity brand: *insistence *preference *recognition *non-recognition *rejection
brand insistence absolute brand loyalty; no subs
brand preference target consumers will usually choose
brand recognition when consumers remember brand name
brand non-recognition consumers do not recall the brand name
brand rejection consumers recognize but refuse to buy specific brands
family brand hte same brand is applied to several products
individual brands a different brand for each product due to variation in type
licensed brand well-established name others pay to use
trademarks indentifying brand names, marks, or characters; legally protected-exclusive to owner
function of product packaging *protection *promotion *information
how do services differ from manufactured goods *intangible *inseparability *perishability *variability
intangible not experienced by buyers until furnished; trouble setting price & communicating info
inseparability cannot be separated from the person providing
perishable cannot be inventoried, returned, or resold
variable not the same way each and every time; raises level of perceived risk for buyers
Created by: forrestree71