Chapter 10 Vocab

Question 1

Business Analysis

Answer 1

The stage of the new-product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections.

Question 2

Business Products

Answer 2

Products organizations buy that assist in providing other products for resale. Also called “B2B products” or “Industrial Products.”

Question 3

Commercialization

Answer 3

The stage of the new-product process that positions and launches a new product in full-scale production and sales.

Question 4

Consumer Products

Answer 4

Products purchased by the ultimate consumer.

Question 5

Convenience Products

Answer 5

Items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort.

Question 6

Customer Experience Management (CEM)

Answer 6

The process of managing the entire customer experience within the company.

Question 7

Development

Answer 7

The stage of the new-product process that turns the idea on paper into a prototype.

Question 8

Idea Generation

Answer 8

The stage of the new-product process that develops a pool of concepts to serve as candidates for new products, building upon the previous stage’s results.

Question 9

Market Testing

Answer 9

The stage of the new-product process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy.

Question 10

New-product Process

Answer 10

The seven stages an organization goes through to identify opportunities and convert them into salable products or services.

Question 11

New-product Strategy Development

Answer 11

The stage of the new-product process that defines the role for a new product in terms of the firm’s overall objectives.

Question 12

Product

Answer 12

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value.

Question 13

Product Item

Answer 13

A specific product that has a unique brand, size, or price.

Question 14

Product Line

Answer 14

A group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range.

Question 15

Product Mix

Answer 15

Consists of all of the product lines offered by an organization.

Question 16

Protocol

Answer 16

A statement that, before product development begins, identifies: (1) a well-defined target market; (2) specific customers’ needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers.

Question 17

Screening and Evaluation

Answer 17

The stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort.

Question 18

Services

Answer 18

Intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value.

Question 19

Shopping Products

Answer 19

Items for which the consumer compares several alternatives on criteria such as price, quality, or style.

Question 20

Specialty Products

Answer 20

Items that the consumer makes a special effort to search out and buy.

Question 21

Unsought Products

Answer 21

Items that the consumer does not know about or knows about but does not initially want.