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MKTG 305
Chapter 10 - Developing New Products and Services
| Term | Definition |
|---|---|
| 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 |
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