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
Q

sales peak, profits decline as market becomes saturated and competitors lower prices

A

maturity stage

26
Q

helps marketers maximize profitability of their products over time

A

product life cycle

27
Q

collection of all the company’s products

A

product mix

28
Q

group of similar products that are related in how they work or their target audience

A

product line

29
Q

Decisions about product mix changes may be based on: (4)

A
  1. changes in customer preference
  2. challenges from competitors
  3. stage of product life cycle
  4. simplify product mix
30
Q

Benefits of grouping by product line: (3)

A
  1. create clarity for consumers
  2. better management of the company’s product mix
  3. simplify branding decisions
31
Q

protect product, attract buyer attention, provides product info, better serves customer needs

A

packaging