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Ch 8 MKT
| Question | Answer |
|---|---|
| Core Product | Not tangle physical product, core benefit that makes it valuable to consumers |
| Actual Product | tangible,, physical parts of the product |
| Augmented Product | non physical parts of the product consist of added values features of augmented products can be converted in to benefits for individuals |
| Durable goods | consumer products that provide benefits over a period of months, years, or even decades. |
| Non durable goods | consumed overthe short term. - food - newspapers - Sushi |
| Convenience products | typically non- durable goods or services bought with minimal effort low priced and widley available. |
| Shopping Products | goods and services for which consumers will spend time and effort to gather information on price, product attributes, and product quality. • Consumers are likely to compare alternatives before they buy. - Computers, TVs, Appliances, etc. |
| Specialty Products | unique characteristics that are important to buyers at almost any price. - Generally, it requires an extended problem- solving purchase. - Customers tend to be very loyal. - High-end cars, designer clothes, etc |
| Unsought Products | goods and services for which a consumer has little awareness or interest until a need arises. - Retirement plans • Often require a good deal of advertising or personal selling to stimulate consumers’ interest |
| equipment | products are used in daily operations |
| Maintenance, repair, and operating (MRO) | goods are consumed relatively quickly |
| Raw Materials | products of fishing, lumber, agricultural, and mining industries used to in the final product |
| Processed Materials | produced by firms when they transform raw materials from their original state |
| Specialized Services | services which are essential to the organization but are not a part of the actual production of a product |
| Component Parts | manufactured goods or subassemblies of finished items an organizations needs to complete their own goods |
| Types of Innovations | Dynamically Continuous, Discontinuous, Continuous |
| Continuous Innovation | modification to an existing product. - Customer doesn’t have to learn anything new |
| dynamically continuous innovation | pronounced modification to an existing product must create major change in the way people live - Consumers have to learn a great deal in order to be able to effectively use the product |
| R&D investment | central metric for measuring an organization’s commitment to innovation relative to its rivals. |
| Phase 1: Idea Generation | Marketers use a variety of sources to come up with ideas for new products. - Value co-creation via collaboration with customers, salespeople, service personnel, and other stakeholders |
| Phase 2: Product-concept development and screening | Product ideas are tested for technical and commercial success |
| Phase 3: Marketing strategy development | - Developing a plan including identifying the target market and developing strategies for the 4Ps |
| Phase 4: Business analysis | The product’s commercial viability is assessed |
| Phase 5: Technical development | - Engineers work to develop and refine a working prototype. - Firm may need to apply for a patent. |
| Phase 6: Test Marketing | - The complete marketing plan is tested in a small geographic area similar to the larger market or via a simulated market test. |
| • Phase 7: Commercialization | - The new product is launched into the market. - Full-scale production, distribution, advertising, and sales promotion are begun |
| Product adoption | process by which a consumer or business customer begins to buy and use a new good, service, or idea micro |
| Diffusion | process by which the use of a product or innovation spreads throughout a population. macro |
| Innovators | extremely adventurous, risk takers, well-educated |
| Early Adopters | concerned about social acceptance, heavy media users |
| Early Majority | avoid being first or last, middle class, deliberate and cautious |
| Late Majority | older, conservative, lower than adverage education and income |
| Laggards | lower education and income, bound by tradition |
| Awareness | see innovation exists |
| interest | see how product satisfies a need |
| Evaluation | costs and benefits impulse purchase |
| trial | experience or use product |
| adoption | purcahse is made |
| confirmation | expected versus actual benefits and costs |
Created by:
user-1879979