Chapter 7 Create the Product Flashcards
1
Q
Articulate the value proposition
A
Value proposition
benefits a consumer will receive when buying the product
2
Q
Tangible vs. intangible
A
something you can touch vs. something that doesn’t have a physical property
3
Q
What are the layers of the product
A
Core
Actual
Augmented
4
Q
Describe how marketers classify products
A
1. Consumer convenience shopping specialty unsought 2. Business maintenance/repair raw materials processed materials and special services component parts
5
Q
Durable vs. non-durable
A
length of time a product exists or is used for
6
Q
Characteristics of Service
A
- intangibility
customers cant see, touch or smell good service - perish-ability
it is impossible to store for later sale or consumption
firms match supply and demand via capacity management - variability
even the same service performed by the same individual for the same customer can vary - inseparability
it is impossible to separate the production of a service form the consumption of that service
7
Q
List the seven phases of how firms develop new products
A
- Idea Generation
- Product Concept Development and Screening
- Marketing Strategy Development
- Business Analysis
- Technical Development
- Test Marketing
- Commercialization
