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MKTG 250 Chapter 10

QuestionAnswer
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.
Service he intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value
Durable Goods long-lasting products
Non-Durable Goods products consumed immideately or lasting for a short span of time
Convenience items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort
Shopping items for which the consumer compares several alternatives on criteria such as price, quality, or style
Specialty 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
Product Item a specific product that has a unique brand, size, or price stock keeping unit (SKU)
Product Line closely related group of items
Product Mix all of the product lines offerred by a company
Protocol is 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 feautre float, feature fatigue, difficult to produce a successful new product
Business Analysis 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
Continuous Innovation consumers do not need to learn new behaviors
Dynamically Continuous Innovation minor behavior changes are needed
Discontinuous Innovation consumer learns new consumption patterns in order to use the product
Created by: user-2023011
 

 



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