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TermDefinition
products 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 intangible activities that an organization provides to satisfy consumers needs in exchange for money or something else of value.
consumer products products purchased by the ultimate consumer
conventicle products items that the consumer purchases frequently, conventley, 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. B2B products or industrial products
product item specific product that has a unique brand, size, or prize
product line group of product/service items that are closely related because they satisfy a class of needs, used together, sold to the same customer group, distributed through the same outlets, or fall within a given price range
product mix consists of all of the product's lines offered by an organizaton
protocol 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
open innovation practices/processes that encourages the use of external/internal ideas as well as internal/external collaboration when conceiving, producing and marketing new products/services
new product development 7 stages an organization goes through to identify opportunities and convert them to stable products/services
new product strategy development stage of the new products process that defines the role for a new product in terms of the firms overall objectives
idea generation stage of new product process that develops a product of concepts to save as candidates for new products, building upon the previous stages result
screening/evaluation stage of new product process that internally/externally evaluates new product ideas to eliminate those that warrant no further effort
business analysis specifies the features of product/marketing strategy needed top bring it to market and make financial projection's
development stage of new product-process that turns the idea on paper into a prototype
market testing stage of new products process that exposes actual products to prospective consumers under realistic purchase condition to see if they will buy
commercialization stage of new products process that positions and launches a new product in full scale production and sales
Created by: user-2064626
 

 



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