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Chapter 10 MKTG 250
| Term | Definition |
|---|---|
| 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. |
| Nondurable good | Made to be consumed (gum, grocery store items, TP, soap) |
| Durable good | Made to last (laptop, water bottle, phone) |
| Services | Intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value. |
| Ideas | thoughts that lead to actions |
| Consumer products | Products purchased by the ultimate consumer. |
| Convenience products | Items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort. (gas station items/grocery store) (awareness-always promoting them) |
| Shopping products | Items for which the consumer compares several alternatives on criteria such as price, quality, or style. |
| Specialty Product | Items that the consumer makes a special effort to search out and buy. |
| Unsought products | Items that the consumer does not know about or knows about but does not initially want. (don't think you need them till you do. insurance is an example) |
| Figure 10-1 | Convenience - awareness +relatively inexpensive Shopping - differentiation from competitors Specialty - Rolls-Royce cars Unsought - funeral services; awareness is essential |
| Business products | Products organizations buy that assist in providing other products for resale. Also called B2B products or industrial products. |
| Product item | A specific product that has a unique brand, size, or price. (anything with bar code- SKU- stock keeping unit) |
| 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 - nike basketball gear |
| Product mix | Consists of all product lines offered by an organization. (tide, pampers - P&G) |
| What is a new product? | new if it is functionally different from existing products, degree of learning, 6 month time frame |
| Continuouns innovation | consumers do not need to learn new behaviours. detergent-awareness and wide distribution |
| Dynamically continuous innovation | disrupts consumers normal routing but does not require totally new learning. iphone - highlight differences in products |
| Discontinuous innovation | requires new learning and consumption patterns by consumers. digital video recorder - education through product rail and personal selling |
| 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 and do to satisfy consumers. |
| Reasons for new product failures | 1.Insignificant point of difference 2.incomplete market and product protocol 3.failure to satisfy customer needs on critical factors 4. bad timing |
| reasons for product failures pt. 2 | 5. no economical access for buyers 6. poor execution of the marketing mix 7. too little market attractiveness 8. poor product quality |
| 10-3 | 1. new - product strategy development 4. 7. |
| new- product development process | The seven stages an organization goes through to identify opportunities and convert them into salable products or services. |
| 1. new - product strategy development | The stage of the new-product development process that defines the role for a new product in terms of the firm’s overall objectives. |
| 2. idea generation | The stage of the new-product development process that develops a pool of concepts to serve as candidates for new products, building upon the previous stage’s results. IDEAS FROM COMPETITION AND UNIVERSITIES |
| 3. Screening and evalutation | The stage of the new-product development process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort. |
| 4. Business analysis | The stage of the new-product development process that specifies the features of the product or service and the marketing strategy needed to bring it to market and make financial projections. |
| 5. development | the stage of the new-product process that turns the idea on paper into a prototype. |
| 6. 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 |
| 7. commercialization | The stage of the new-product development process that positions and launches a new product in full-scale production and sales. (most expensive) |
Created by:
agk236