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A good, service, or idea consisting of a bundle of tangible and intangible attributs that satisfies consumers' needs
These are intangible activities that an organization provides to satisfy consumers' needs in exchange for money
These are products that organizations buy that assist in providing other products for resale
These products are items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort.
These are items for which the consumer compares several alternatives on criteria such as price, quality, or style.
These are items that the consumer does not know about or knows about but does not initially want.
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.
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
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.
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 evaluations with consumers that consist of preliminary testing of a new product idea rather than the actual product
Step 4. This specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections.
Stage 5. The stage of the new product process that turns the idea on paper into a prototype.
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
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