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.

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

One that usually lasts over many uses, such as appliances, cars, and smartphones.

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

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

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

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

products organizations buy that assist in providing other products for resale.

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

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.

product, service, or idea that consumers within a market segment perceive as new.

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.

Continuous innovation

Requires no new learning by consumers.

Dynamically continuous innovation

Disrupts consumer’s normal routine but does not require totally new learning.

Discontinuous innovation

Requires new learning and consumption patterns by consumers.

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.

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

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MKTG 250 Ch. 10

Vocab Review

Question	Answer
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.
Services	The intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value.
Durable Good	One that usually lasts over many uses, such as appliances, cars, and smartphones.
Convenience products	items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort.
Shopping products	items for which the consumer compares several alternatives on criteria such as price, quality, or style.
Specialty products	items that a consumer makes a special effort to search out and buy.
Unsought products	items that the consumer either does not know about or knows about but does not initially want.
Business products	products organizations buy that assist in providing other products for resale.
Product item	a specific product that has a unique brand, size, or price.
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.
Product mix	consists of all of the product lines offered by an organization.
Innovation	product, service, or idea that consumers within a market segment perceive as new.
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.
Continuous innovation	Requires no new learning by consumers.
Dynamically continuous innovation	Disrupts consumer’s normal routine but does not require totally new learning.
Discontinuous innovation	Requires new learning and consumption patterns by consumers.
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	the stage of the new-product process that positions and launches a new product in full-scale production and sales.

Created by: dom23uriarte

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