is 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

are the intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value.

are products purchased by the ultimate consumer.

are items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort.

are items for which the consumer compares several alternatives on criteria such as price, quality, or style.

are items that a consumer makes a special effort to search out and buy.

are items that the consumer either does not know about or knows about but does not initially want.

are products organizations buy that assist in providing other products for resale. Also called B2B products or industrial products

is a specific product that has a unique brand, size, or price

is 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.

consists of all of the product lines offered by an organization.

s 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

new-product development process

consists of the seven stages an organization goes through to identify opportunities and convert them to salable products or services.

New-product strategy development

is the stage of the new-product process that defines the role for a new product in terms of the firm’s overall objectives

is 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.

is the stage of the new-product process that positions and launches a new product in full-scale production and sales

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Chap 10

Exam 2

Question	Answer
Product	is 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
services	are the intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value.
Consumer products	are products purchased by the ultimate consumer.
convenience products	are items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort.
shopping product	are items for which the consumer compares several alternatives on criteria such as price, quality, or style.
specialty product	are items that a consumer makes a special effort to search out and buy.
unsought product	are items that the consumer either does not know about or knows about but does not initially want.
business products	are products organizations buy that assist in providing other products for resale. Also called B2B products or industrial products
product item	is a specific product that has a unique brand, size, or price
product line	is 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	s 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
new-product development process	consists of the seven stages an organization goes through to identify opportunities and convert them to salable products or services.
New-product strategy development	is the stage of the new-product process that defines the role for a new product in terms of the firm’s overall objectives
business analysis	is 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.
Commercialization	is the stage of the new-product process that positions and launches a new product in full-scale production and sales

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