Ch 5 Flashcards
The entire group of a manufacturers athletic shoes
Product line
Specific model or size of a product
Product item
Goods purchased and used by the ultimate consumer for personal use
Consumer goods
Goods purchased by organizations for use in their operations
Business goods
A unique product characteristic or benefit that sets it apart from a competitor
Point of difference
Analyzes strengths, weaknesses, opportunities, and threats of a product. Helps develop a product that matches the company’s objectives.
SWOT analysis
Involves getting new product ideas
Idea generation
Product is evaluated in a focus group
Screening and evaluation
Focus group
A panel of 6 - 10 customers who discuss opinions about a product under the guidance of a moderator
Financial aspects of making and marketing a product are reviewed
Business analysis
Development of the prototype (first model)
Development
Product is tested in the marketplace
Test marketing
Process that involves producing and marketing a new product
Commercialization
7 steps in new product development
- SWOT analysis
- Idea generation
- Screening and evaluation
- Business analysis
- Development
- Test marketing
- Commercialization
4 stages of product life cycle
Introduction
Growth
Maturity
Decline
Three ways to manage product life cycle
Modify the product.
Market the product.
Reposition the product.
