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Chapter 11
developing and managing goods and services
| Term | Definition |
|---|---|
| line extension | development of a product closely related to one or more products in the existing product line but designed specifically to meet somewhat different customer needs |
| product modification | change in one or more characteristics of a product |
| quality modification | changes relating to a product's dependability and duraiblity |
| functional modification | changes affecting a product's versatility, effectiveness, convenience or safety |
| aesthetic modifications | changes to the sensory appeal of a product |
| disruptive innovation | identifies old technologies that can be exploited in new ways or develops new business models to give customers more than they've come to expect from current products in a specific market |
| new-product development process | a seven-phase process for introducing products |
| idea generation | seeking product ideas that will help organizations to achieve objectives |
| screening | choosing the most promising ideas for further review |
| concept testing | seeking potential buyers' responses to a product idea |
| business analysis | evaluating the potential contribution of a product idea to the firm's sales, costs, and profits |
| product development | determining if producing a product is technically feasible and cost effective |
| test marketing | introducing a product on a limited basis to measure the extent to which potential customers will actually buy it |
| commercialization | deciding on full-scale manufacturing and marketing plans and preparing budgets |
| product differentiation | creating and designing products so that customers perceive them as different from competing products |
| quality | characteristics of a products 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 conceived, planned, and produced |
| styling | the physical appearance of a product |
| product features | specific design characteristics that allow a product to perform certain tasks |
| customer services | human or mechanical efforts or activities that add value to a product |
| product positioning | creating and maintaining a certain concept of a product in customers' minds |
| product deletion | eliminating a product from the product mix |
| intangibility | a service is not physical and therefore cannot be touched |
| inseparability | being produced and consumed at the same time |
| perishability | the inability of unused service capacity to be stored for future use |
| heterogeneity | variation in quality |
| client-based relationships | interactions that result in satisfied customers who use a service repeatedly over time |
| customer contact | the level of interaction between provider and customer needed to deliver the service |
| off-peak pricing | the practice of reducing prices of services used during slow periods in order to boost demand |
| product manager | the person within an organization 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 |
| venture team | a cross-functional group that creates entirely new products that may be aimed at new markets |
Created by:
hallie999
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