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Marketing > Chapter 8 > Flashcards

Chapter 8 Flashcards

1
Q

good

A

a tangible product that we can see, touch, smell, hear, or taste

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2
Q

attributes

A

include features, functions, benefits, and uses of a product. marketers view products as a bundle of attributes that includes the packaging, brand name, benefits, and supporting features in addition to a physical good

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3
Q

core product

A

all the benefits the product will provide for consumers or business customers

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4
Q

actual product

A

the physical good or the delivered service that supplies the desired benefit

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5
Q

augmented product

A

the actual product plus other supporting features such as a warranty, credit, delivery, installation, and repair service after the sale

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6
Q

durable goods

A

consumer products that provide benefits over a long period of time

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7
Q

nondurable goods

A

consumer products that provide benefits for a short time because they are consumed or are no longer useful

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8
Q

convenience product

A

a consumer good or service that is usually low priced, widely available, and purchased frequently with a minimum of comparison and effort

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9
Q

staple products

A

basic or necessary items that are available almost everywhere

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10
Q

impulse products

A

a product people often buy on the spur of the moment

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11
Q

emergency products

A

products we purchase when we are in dire need

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12
Q

shopping products

A

goods or services for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase

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13
Q

intelligent agents

A

computer programs that find sites selling a particular product

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14
Q

specialty products

A

goods or services that has unique characteristics and is important to the buyer and for which she will devote significant effort to acquire

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15
Q

unsought products

A

goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to her attention

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16
Q

equipment

A

expensive goods that an organization uses in its daily operations that last for a long time

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17
Q

maintenance, repair, and operating (MRO) products

A

goods that a business customer consumes in a relatively short time

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18
Q

raw materials

A

products of the fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their finished products

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19
Q

processed materials

A

products created when firms transform raw materials from their original state

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20
Q

component parts

A

manufactured goods or subassemblies of finished items that organizations need to complete their own products

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21
Q

innovation

A

a product that consumers perceive to be new and different from existing products

22
Q

continuous innovation

A

a modification of an existing product that sets one brand apart form its competitors

23
Q

knockoff

A

a new product that copies, with slight modification, the design of an original product

24
Q

dynamically continuous innovation

A

a change in an existing product that requires a moderate amount of learning or behavior change

25
Q

discontinuous innovation

A

a totally new product that creates major changes in the way we live

26
Q

convergence

A

the coming together of two or more technologies to create a new system with greater benefits than its separate parts

27
Q

new product development (NPD)

A

the phases by which firms develop new products including idea generation, product concept development and screening, marketing strategy development, business analysis, technical development, test marketing, and commercialization

28
Q

idea generation

A

the first step of product development in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission

29
Q

product concept development and screening

A

the second step of product development in which marketers test product ideas for technical and commercial success

30
Q

business analysis

A

the step in the product development process in which marketers assess a products commercial viability

31
Q

technical development

A

the step in the product development process in which company engineers refine and perfect a new product

32
Q

prototypes

A

test versions of a proposed product

33
Q

patent

A

a legal mechanism to prevent competitors from producing or selling an invention, aimed at reducing or eliminating competition in a market for a period of time

34
Q

test marketing

A

testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter

35
Q

commercialization

A

the final step in the product development process in which a new product is launched into the market

36
Q

product adoption

A

the process by which a consumer or business customer begins to buy and use a new good, service, or idea

37
Q

diffusion

A

the process by which the use of a product spreads throughout a population

38
Q

tipping point

A

in the context of product diffusion, the point when a product’s sales spike from a slow climb to an unprecedented new level, often accompanied by a steep price decline

39
Q

media blitz

A

a massive advertising campaign that occurs over a relatively short time frame

40
Q

impulse purchase

A

a purchase made without any planning or search effort

41
Q

innovators

A

the first segment of a population to adopt a new product

42
Q

early adopters

A

those who adopt an innovation in the diffusion process. after innovators

43
Q

early majority

A

those whose adoption of a new product signals a general acceptance of the innovation

44
Q

late majority

A

the adopters who are willing to try new products when there is little or no risk associated with the purchase, when the purchase becomes an economic necessity, or when there is social pressure to purchase

45
Q

laggards

A

the last consumers to adopt an innovation

46
Q

relative advantage

A

the degree to which a consumer perceives that a new product provides superior benefits

47
Q

compatibility

A

the extent to which a new product is consistent with existing cultural values, customs, and practices

48
Q

complexity

A

the degree to which consumers find a new product or its use difficult to understand

49
Q

trialability

A

the ease of sampling a new product and its benefits

50
Q

observability

A

how visible a new product and its benefits are to others who might adopt it

Marketing (15 decks)

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