Marketing Final Ch 8
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The Core Product | all the benefits the product will provide for consumers or business customers Ex- Car provides transportation, carries cargo, enhances image, etc
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| The Actual Product | the physical good or the delivered service that supplies the desired benefit Ex-Car's engine size, color, interior, body size, model, name, options, etc
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| The Augmented Product | The actual product plus other supporting features such as a warranty, credit, deliver, installation, and repair service after the sale Ex-Car-free oil changes, 100,000 mile warranty, 2.9% interest auto loan, etc
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| classifications of business products | Equipment, Maintenance Repair & Operating (MRO) products, Raw Materials, Processed Materials, Specialized Services, Component Parts
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| classifications of consumer products | Durable, Non-durable, Convenience Products, Shopping Products, Specialty Products, Unsought Products
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| Differences in classifying business and consumer products | business products are classified by how organizational customers use them, consumer products are classified by how long they last
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| Unsought Products | goods or services for which a consumer has little awareness or interest until a need arises (retirement plans)
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| Specialty Products | a good or service that has unique characteristics and is important to the buyer and for which she will devote significant effort to acquire (rolex watch)
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| Shopping Products | a good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase (laptop)
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| Convenience Products | A consumer good or service that is usually low-priced, widely available, and purchase frequently with a minimum of comparison and effort *staple items, impulse products, emergency products*
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| durable vs non-durable goods | provide benefits over long period of time (cars, furniture) : provide benefits for a short time because they are consumed or are no longer useful (newspapers, food)
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| Continuous Innovations | a modification to an existing product that sets one brand apart from its competitors - consumers don't have to learn anything new
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| dynamically continuous innovations | a pronounced modification to an existing product that requires a modest amount of learning or change in behavior to use it - records to 8 tracks to cassettes to CDs to Mp3
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| discontinuous innovations | a totally new product that creates major changes in the way we live - inventions of cars, planes, PC, TV, etc - tough to plan, usually only visible in hindsight
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| 3 types of innovations | continuous, dynamically continuous, discontinuous
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| product development phases | 1. idea generation 2.product concept development and screening 3.marketing strategy development 4.business analysis 5.technical development 6.test marketing 7.commercialization
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| idea generation | product development phase 1 in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission
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| product concept development & screening | 2nd phase in the new product development in which marketers test product ideas for technical and commercial success
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| marketing strategy development | 3rd phase of the new product development in which marketers develop a marketing strategy to introduce the product to the marketplace
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| business analysis | the 4th step in the new product development process in which marketers assess a product's commercial viability
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| commercialization | the final stage in the product development process in which a new product is launched into the market - launching, distribution, advertising, sales promotion, etc
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| test marketing | phase 6 in the new product development process involving testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter
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| technical development | phase 5 in the new product development process in which company engineers refine and perfect a new product
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| variability | the characteristic of a service that means that even the same service performed by the same individual can vary - mktrs respond by offering quality guarantees, institute TQM, gap analysis
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| stages in consumers adoption of a new product | awareness, interest, evaluation, trial, adoption, confirmation
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| perishability | *use it or lose it* the characteristic of a service that makes it impossible to store for later sale or consumption - mktrs try to avoid by encouraging demand or matching supply with demand (capacity management)
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| Innovators | the first segment (2.5%) of a population to adopt a new product
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| late majority vs laggards | (34%) the adopters who are willing to try new products when there is little or no risk associated w/ the purchase when the purchase becomes an economic necessity or when theres social pressure to purchase : (16%) the last consumers to adopt an innovation
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| early majority | those whose adoption of a new product signals a general acceptance of the innovation (34%)
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| early adopters | those who adopt a new product early in the diffusion process, but after the innovators (13.5%)
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| awareness | 1st step in the adoption process - educating consumers about a new product - mktrs may conduct a mediablitz or massive advertising campaign
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| interest | a prospective adopter begins to see how a new product might satisfy an existing or newly realized need
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| evaluation | we weigh the costs and benefits of the new product
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| trial | when potential buyers will actually experience or use the product for the first time
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| adoption | a prospect actually buys the product
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| confirmation | a customer weighs expected vs. actual benefits and costs
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| diffusion of innovations - adopter categories | innovators, early adopters, early majority, late majority, laggards
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| product factors affecting the rate of adoption | relative advantage, compatibility, complexity, trialability, observability
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| observability | how visible a new product and its benefits are to others who might adopt it
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| complexity | the degree to which consumers find a new product or its use difficult to understand
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| trialability | the ease of sampling a new product and its benefits
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| relative advantage | the degree to which a consumer perceives that a new product provides superior benefits
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| compatibility | the extent to which a new product is consistent with existing cultural values, customs, and practices
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