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26 terms

MKT Ch 10

STUDY
PLAY
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.