MKT Ch 10

26 terms by jcliech 

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Product

A good, service, or idea consisting of a bundle of tangible and intangible attributs that satisfies consumers' needs

Good

This has tangible attributes that a consumer's five senses can perceive.

Service

These are intangible activities that an organization provides to satisfy consumers' needs in exchange for money

Consumer Products

these are products purchased by the ultimate consumer

Business Products

These are products that organizations buy that assist in providing other products for resale

Convenience products

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

Shopping products

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

Specialty Products

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

Unsought products

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

Derived Demand

Sales of business products frequently result from the sale of consumer products.

Product item

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

Product Line

Group of products or services that are closely related becahse they satisfy a class of needs, are used together, are sold to teh same customer group, are distributed through the same outlets, or fall within a given price range. EX: Nike's includes shoes, clothing.

Product Mix

This consists of all of the product lines offered by an organization. EX: Cray Inc, has three supercomputer ilnes that are sold to governments or large businesses

Protocol

A statement that identifies 1. a well-defined target market, 2. specific customers' needs, wants, and preferences, and 3. what the product will be and do.

New product process

The seven stages an organization goes through to identify business opportunities and convert them to a salable good or service.

new product strategy development

Stage 1 the role is defined for a new product in terms of the firm's overall objectives. SWOT and environmental scanning is used.

Idea Generation

Stage 2. This is when the new product process develops a pool of concepts as candidates, building upon the previous stage's results

Screening and Evaluation

Stage 3. This is when they internally and externally evaluate new-product ideas to eliminate those that warrant no further effort

Customer Experience Management

The process of managing the entire customer experience within the firm (Internal Approach)

External Approach

External evaluations with consumers that consist of preliminary testing of a new product idea rather than the actual product

Business Analysis

Step 4. This specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections.

Prototype

A full scale operating model of the product

Development

Stage 5. The stage of the new product process that turns the idea on paper into a prototype.

Market Testing

Stage 6. This is the stage of the new product process that involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy

Test Marketing

This involves offering a product for sale on a limited basis in a defined area.

Commercialization

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

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