Chapter 13: Developing and Managing Products Flashcards

1
Q

Good

A

tangible product

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2
Q

Service

A

intangible product

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3
Q

purchased to satisfy personal and family needs (convenience, shopping and specialty)

A

consumer product

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4
Q

bought for resale, for making other products

A

business product

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5
Q

where buyers want to expert only minimal effort

A

convenience product

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6
Q

item where buyers are willing to put lots of effort on planning and making purchase

A

shopping product

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7
Q

item that possesses uniqueness where buyers are willing to spend considerable purchasing effort

A

specialty product

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8
Q

product that is not actively sought out until a significant event occurs

A

unsought product

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9
Q

basic material that actually becomes part of a physical product

A

raw materials

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10
Q

large tools and machines used for production

A

major equipment

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11
Q

equipment used in a business’ production or office activities

A

accessory equipment

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12
Q

item that becomes part of a physical item or a product and is a fixed item

A

component part

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13
Q

used directly in production of another product but not identifiable in the finished product. ex: glue

A

process material

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14
Q

facilitates production but doesn’t become part of finished product. ex: paper, pencil

A

supply

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15
Q

intangible product that an organization uses in its operation

A

business service

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16
Q
  • any product improvement that customers value over existing choices
  • includes entirely new products or adaptations of existing products
A

innovation

17
Q

Idea generation

A

1st phase of product development process

18
Q

2nd phase of P.D. process. Screen ideas to select the best one

A

Product Analysis

19
Q

3rd phase of P.D. process. Build prototypes of the product to test on a small scale

A

Development and testing

20
Q

Final phase of P.D. Take all you’ve learned from previous phases and make final improvements before launching to the market

A

Commercialization

21
Q

4 phases of Product Development Process

A

idea generation, product analysis, development and testing and commercialization

22
Q

4 stages of Product Life Cycle

A

introduction stage, growth stage, maturity stage and decline stage

23
Q

few competitors, sales low, profits low

A

introduction stage

24
Q

customers begin to adopt product, sales and profits increase, competitors take notice and enter product category

A

growth stage

25
sales peak, profits decline as market becomes saturated and competitors lower prices
maturity stage
26
helps marketers maximize profitability of their products over time
product life cycle
27
collection of all the company's products
product mix
28
group of similar products that are related in how they work or their target audience
product line
29
Decisions about product mix changes may be based on: (4)
1. changes in customer preference 2. challenges from competitors 3. stage of product life cycle 4. simplify product mix
30
Benefits of grouping by product line: (3)
1. create clarity for consumers 2. better management of the company's product mix 3. simplify branding decisions
31
protect product, attract buyer attention, provides product info, better serves customer needs
packaging