Chapter 10 Flashcards
Products
Good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers
Services
Intangible activities that an organization provides to satisfy a consumers needs
Consumer Products
Products purchased by the ultimate consumer
Convenience Products
Items that a consumer purchases frequently, conveniently, and with minimum effort
Shopping Products
Items for which the consumer compares several alternatives on criteria such as price, quality, or style
Specialty Products
Items that a consumer makes a special effort to search out and buy
Unsought Products
Items that a consumer either doesn’t know about or doesn’t initially want
Business Product
Products organizations buy that assist in providing other products for resale. Also called B2B products
Products Item
Specific product that has a unique brand, size, or price. Stock Keeping Unit (SKU)
Product Line
Group of product or service items that are closely related because they satisfy a class of needs, used together, sold to the same group of consumers, fallen within same price range, distributed through same outlets
Product Mix
Consist of all product lines offered by an organization provides
Protocol
Statement that, before product development begins. 1 identifies a well defined target, 2 specifies customers needs and wants and 3 what the product will do to satisfy
Open Innovations
Process and practices that encourage the set of external and internal ideas, int and ext collaboration when conceiving producing and marketing new products
New Product Development Process
Consists of the seven stages an organization goes through to identify opportunities and convert them salable products
Step 1 Nee Product Strategy Development
The date of new product process that defines the role for a new product in terms of the firms objectives
Step 2 Idea Generation
Stage of the new product process that develops a pool of concepts to serve as candidates for new products, building upon previous stage results
Step 3 Screening and Evaluation
Stage in new product process that internally and externally evaluates new product ideas to eliminate those that are not good
Customer Experience Management (CEM)
Part of Step 3
Process of managing the entire customer experience within the company
Step 4 Business Analysis
Stage of new product process that specifies the feature of the product and the marketing strategy needed to bring it to market and make financial projections
Step 5 Development
Stage of new product process that turns the idea on paper into a prototype
Step 6 Market Test
Stage of new product process that exposes actual products to prospective customers under realistic purchase conditions to see if they will buy
Step 7 Commercialization
Stage of new product process that positions and launches a new product in full-scale production and sales
