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Marketing Exam 2

Chapter 10

TermDefinition
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.
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 products are 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. 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 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 consists of the seven stages an organization goes through to identify opportunities and convert them to salable products or services.
New-product strategy development 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 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. Most expensive stage - Full-scale production and sales
Seven stages in the new-product development process New-product strategy development Idea generation Screening and evaluation Business analysis Development Market testing Commercialization
Marketing reasons for new-product failures Insignificant point of difference Incomplete market & product protocol ͏Failure to satisfy customer needs/critical factors Bad timing No economical access to buyers Poor execution of marketing mix Market is not attractiveness Poor product quality
Define New - limited to six months after regular distribution - New products need a precise protocol
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.
Product class or industry to which it belongs
Product item stock-keeping unit (SKU)
Product line closely related group of items
Product mix all of the product lines offered by a company
Ideas thought that leads to action
Created by: user-2068582
 

 



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