Chapter 10 Final

Question 1

What is a convenience product?

Answer 1

A product that is frequently purchased and used on a daily basis (ex: toilet paper, bread)

Question 2

What is a specialty product?

Answer 2

A product that takes special effort to search and buy. Usually bought ever 6-20 years. (ex: LV bag)

Question 3

What is an unsought product?

Answer 3

An unsought product are products that customers do not actively seek or think about. (ex: casket)

Question 4

What is a product line?

Answer 4

A product line consists of products in the same category in one company. (Ex: Apple iPads are one product line, Apple Watches are one product line, Macs are one product line)

Question 5

What is a product mix?

Answer 5

A product mix is every service and product that a company owns and provides. (Ex: Apple product mix is iPads, Apple Watches, and Macs)

Question 6

How are product items unique?

Answer 6

Each product item has a Stock Keeping Unit (SKU) that is a unique code dedicate to that product.

Question 7

What is a product item?

Answer 7

A specific product. (Ex: Blue shoe size 8, White shoe size 5)

Question 8

What makes a product have “newness”?

Answer 8

If it is functionally different from existing products.

Question 9

What is “revolutionary newness”?

Answer 9

Products that create new industries are said to have revolutionary newness. (Ex: smartphones)

Question 10

What is a continuous innovation?

Answer 10

One that does not require new learning such as a razor, toothpaste, or detergent.

Question 11

What is a discontinuous innovation?

Answer 11

One that requires a new product switch such as upgrading from a gas car to a Tesla, or phones that do not have a home button

Question 12

What is a dynamically continuous innovation?

Answer 12

One that slightly differs from an existing product but does not alter how people purchase or use it such as liquid soap or electric toothbrush.

Question 13

What are the seven new product process stages?

Answer 13

1. new product strategy development
2. idea generation
3. screening and evaluation
4. business analysis
5. development
6. market testing
7. commercialization

Question 14

what new product process stages is characterized by the following: SWOT, environmental scan, new product development strategy

Answer 14

What aspects are involved in the new product strategy development stage?

Question 15

what new product process stages is characterized by the following: suggestions from employees and customers, innovation, comparing to competitive products

Answer 15

What aspects are involved in the idea generation stage?

Question 16

what new product process stages is characterized by the following: Internal employee feedback, external concept tests, CEM

Answer 16

What aspects are involved in the screening and evaluation stage?

Question 17

what new product process stages is characterized by the following: Building scale models, finding business fit of new product, financial productions, big data / analytics

Answer 17

What aspects are involved in the business analysis stage?

Question 17

what new product process stages is characterized by the following: turning ideas into prototypes, having real products, lab and consumer tests

Answer 17

What aspects are involved in the development stage?

Question 18

what new product process stages is characterized by the following: track a small, controlled environment

Answer 18

What aspects are involved in the market testing stage?

Question 19

what new product process stages is characterized by the following: bringing new products to market

Answer 19

What aspects are involved in the commercialization stage?

Question 20

what are Shopping products?

Answer 20

items for which the
consumer compares several alternatives on
criteria such as price, quality, or style such as
Clothing, furniture, TVs and airline tickets