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marketing chapter 10

TermDefinition
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.
service are the intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value.
durable strong, long-lasting, and able to withstand wear or damage over time.
convenience are items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort.
shopping are 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 are items that the consumer either does not know about or knows about but does not initially want.
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.
innovation consists of the practices and processes that encourage the use of external and internal ideas as well as internal and external collaboration when conceiving, producing, and marketing new products and services.
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.
New product development process 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.
Types of innovation 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.
Reasons for new product failures Insignificant point of difference. ͏Incomplete market and product protocol. ͏Failure to satisfy customer needs on critical factors. ͏Bad timing. No economical access to buyers. ͏Poor execution of the marketing mix. ͏Too little market attractiveness.
new product development process step 2 Idea generation
Jc penny question Buys 100,000+ tons of paper per year for newspaper inserts and direct mail
pepsi vs coke question "what taste do you prefer?"
Created by: user-2067651
 

 



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