Ch 9: Developing New Products and Services
Terms in this set (27)
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
intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value
thought that leads to a product or action
What are the 4 types of consumer products?
1.) Convenience Product ex: toothpaste 2.) Shopping Product ex: TV 3.) Specialty Product ex: Rolex 4.) Unsought Product ex: burial insurance
How do the 4 types of consumer products differ?
1.) effort spent on decision 2.) attributes used in making the purchase decision 3.) frequency of purchase
A major characteristic of business products is that their sales are often the result of______________________________
derived demand-that is their sales are due to consumer demand
Business products may be classified as ______________ or ___________products.
components, support....components are the parts of the final product and support products are items used in assisting the production of it... such as tools, maintenance
Which of the following products at the time of their introduction was the best example of a continuous innovation?
Ideally, before a new product is developed, a firm should have a precise protocol, which is a statement that identifies: (1) what the product will be and do to satisfy consumers; (2) specific customers' needs, wants, and preferences; and (3) __________.
clear financial goals and expectations
A WELL-DEFINED TARGET MARTKET
a clear marketing plan
a precise budget of how much can be spent for a new offering's marketing program
a comprehensive SWOT analysis
A benefit of performing a SWOT analysis and an environmental scan during the new-product strategy development process is that they
allow the firm to forecast potential sales and form their marketing budget based upon those projections.
narrow the task to a single product rather than a number of product concepts.
-->CAN HELP IDENTIFY THE STRATEGIC ROLE THE NEW PRODUCT MIGHT SERVE IN THE FIRM'S PORTFOLIO.
allow a firm to expand its objectives to include new ways of thinking.
help identify which organizational members have an interest or stake in the product's success.
When a manager at Target announced to customers, "There is no wait in checkout lanes 2 and 5," he recognized a need to manage his
IDLE PRODUCTION CAPACITY
Keith liked how the dry cleaner down the street washed and pressed his clothes, but he found the repeated phone calls from staff about his finished laundry annoying. He began to think of the whole place as annoying, which is a function of the __________ aspect of services.
Research shows that __________ is the single most important factor for a new product to defeat competitive ones—having superior characteristics that deliver unique benefits to the user.
a complete market and product protocol
A DISTINCTIVE POINT OF DIFFERENCE
economical access to buyers
good execution of the marketing mix
Casey is the owner of a company called Piquant (which means having a pleasantly sharp taste or appetizing flavor). She was looking for a new product to go with her company's line of food condiments, so she held a series of focus groups to generate ideas from potential customers. This is an example of
Inconsistency in services refers to the fact that
the quality of service provided by a firm is often inconsistent with its image.
there too much idle production capacity.
there is no regulation of service industries in terms of basic standards of quality.
SERVICES DEPEND UPON THE PEOPLE WHO PROVIDE THEM, AND THE QUALITY OF THAT PERFORMANCE MAY VARY FROM DAY TO DAY OR EMPLOYEE TO EMPLOYEE
training and standardization of service delivery procedures cannot be accomplished.
Google's driverless car is an extreme example of the complexity of which step of the new-product process?
screening and evaluation
Intel Core processors are purchased by Toshiba for its laptops, and are thus considered what type of business product?
-marketing actions that provide quality products in a timely matter to satisfy customers' needs.
<>intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.
-thoughts that lead to marketing actions.
-tangible product attributes that an organization provides to satisfy consumers' needs in exchange for money or something else of value.
-tangible attributes that consumers' five senses can perceive.
As consumers demand for Ford cars increases, Ford may increase its demand for paint spraying equipment, which for the latter is an example of __________.
Annie's Organic Shells & White Cheddar, an organic macaroni and cheese, is an example of a
Which of the following is considered a durable good?
an airplane ticket
Capacity management is especially important for __________.
-shopping products where people are willing to purchase other brands
-manufacturers of large one-of-a-kind items
-producers of perishable nondurable goods
In the new-product development process, the __________ stage involves specifying the product features and marketing strategy along with making financial projections needed to bring it to market.
screening and evaluation
Products that the consumer does not know about or knows about but does not initially want are referred to as
Consumer products are classified based on the: (1) attributes used in making the purchase decision; (2) frequency of purchase; and (3)
amount of money the customer is willing to spend.
demographics of the consumer.
number of competing products or product substitutes.
EFFORT CONSUMER SPENDS ON THE DECISION
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 is referred to as a(n)
Which of the following is the best example of a shopping product?
cash from an ATM
Chobani Greek yogurt
a Ferrari sports car
REEBOK RUNNING SHOES
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