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Marketing

Chapter 12

TermDefinition
Line extension Development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs
Product modifications Changes in one or more characteristics of a product
Quality modifications Changes relating to a product's dependability and durability
Functional modifications Changes affecting a product's versatility, effectiveness, convenience, or safety
Aesthetic modifications Changes relating to the sensory appeal of a product
New-product development process A seven-phase process for introducing products: idea generation, screening, concept testing, business analysis, product development, test-marketing, and commercialization
Idea generation Seeking product ideas to achieve organizational objectives
Screening Selecting the ideas with the greatest potential for further review
Concept testing Seeking a sample of potential buyers' responses to a product idea
Business analysis Evaluating the potential impact of a product idea on the firm's sales, cost, and profits
Product development Determining if producing a product is technically feasible and cost effective
Test marketing A limited introduction of a product in geographic areas chosen to represent the intended market
Commercialization Refining and finalizing plans and budgets for full-scale manufacturing and marketing of a product
Product differentiation Creating and designing products so that customers perceive them as different from competing products
Quality The overall characteristics of a product that allow it to perform as expected in satisfying customer needs
Level of quality The amount of quality a product possesses
Consistency of quality The degree to which a product has the same level of quality over time
Product design How a product is concede, planned, and produced
Styling The physical appearance of a product
Product features Specific design characteristics that allow a product to perform certain task
Line extension Development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs
Product modifications Changes in one or more characteristics of a product
Quality modifications Changes relating to a product's dependability and durability
Functional modifications Changes affecting a product's versatility, effectiveness, convenience, or safety
Aesthetic modifications Changes relating to the sensory appeal of a product
New-product development process A seven-phase process for introducing products: idea generation, screening, concept testing, business analysis, product development, test-marketing, and commercialization
Idea generation Seeking product ideas to achieve organizational objectives
Screening Selecting the ideas with the greatest potential for further review
Concept testing Seeking a sample of potential buyers' responses to a product idea
Business analysis Evaluating the potential impact of a product idea on the firm's sales, cost, and profits
Product development Determining if producing a product is technically feasible and cost effective
Test marketing A limited introduction of a product in geographic areas chosen to represent the intended market
Commercialization Refining and finalizing plans and budgets for full-scale manufacturing and marketing of a product
Product differentiation Creating and designing products so that customers perceive them as different from competing products
Quality The overall characteristics of a product that allow it to perform as expected in satisfying customer needs
Level of quality The amount of quality a product possesses
Consistency of quality The degree to which a product has the same level of quality over time
Product design How a product is concede, planned, and produced
Styling The physical appearance of a product
Product features Specific design characteristics that allow a product to perform certain task
Customerr services Human or mechanical efforts or activities that add value to a product
Line extension Development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs
Product modifications Changes in one or more characteristics of a product
Quality modifications Changes relating to a product's dependability and durability
Functional modifications Changes affecting a product's versatility, effectiveness, convenience, or safety
Aesthetic modifications Changes relating to the sensory appeal of a product
New-product development process A seven-phase process for introducing products: idea generation, screening, concept testing, business analysis, product development, test-marketing, and commercialization
Idea generation Seeking product ideas to achieve organizational objectives
Screening Selecting the ideas with the greatest potential for further review
Concept testing Seeking a sample of potential buyers' responses to a product idea
Business analysis Evaluating the potential impact of a product idea on the firm's sales, cost, and profits
Product development Determining if producing a product is technically feasible and cost effective
Test marketing A limited introduction of a product in geographic areas chosen to represent the intended market
Commercialization Refining and finalizing plans and budgets for full-scale manufacturing and marketing of a product
Product differentiation Creating and designing products so that customers perceive them as different from competing products
Quality The overall characteristics of a product that allow it to perform as expected in satisfying customer needs
Level of quality The amount of quality a product possesses
Consistency of quality The degree to which a product has the same level of quality over time
Product design How a product is concede, planned, and produced
Styling The physical appearance of a product
Product features Specific design characteristics that allow a product to perform certain task
Customer setr
Product deletion Eliminating a product from the product mix when it no longer satisfies a sufficient number of customers
Product manager The person within an organization who is responsible for a product, a product line, or several distinct products that make up a group
Brand manager The person responsible for a single brand
Market manager The person responsible for managing the marketing activities that serve a particular group of customers
Venture team A cross-functional group that creates entirely new products that may be aimed at new markets
Created by: 1791763817
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