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BUS 343 > Chapter 8 > Flashcards

Chapter 8 Flashcards

1
Q

What is a product?

A

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

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2
Q

What is a service?

A

An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in ownership of anything.

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3
Q

What are the levels the product consist of?

A 
Core customer value (What the buyer is really buying?)
Actual product ( the physical device with all the features and associated brand name and packaging)
Augmented product (the additional services and benefits that go with it)
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4
Q

What are consumer products?

A

Products purchased by consumers for their personal use (nonbusiness) use.

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5
Q

What is convenience product?

A

A consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort.

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6
Q

What is a shopping product?

A

Less frequently purchased consumer products and services that shoppers compare carefully on suitability, quality, price, and style.

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7
Q

What is specialty product?

A

A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

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8
Q

What is a unsought product?

A

A consumer product that the consumer either does not know about or knows about but does not normally think of buying.

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9
Q

What is an industrial product?

A

A product bought by individuals and organizations for further processing or for use in conducting business.

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10
Q

What is new-product development?

A

The development of original or “new to the world” products, product improvement, product modifications, and new brand through the firm’s own product development efforts.

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11
Q

What is diffusion of innovation theory?

A

A social sciences theory that divides members of a social group into segments according to how likely they are to adopt a new idea.

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12
Q

What is technology adoption life cycle?

A

A marketing theory that proposes that when marketing a technology product, marketers must cross a chasm, or significant gap, between members of early adopters segments and members of the early majority segments before a new product, will become successful.

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13
Q

Describe technology adoption life cycle stages.

A

1) Innovators
2) Early adopters
* CHASM*
3) Early majority
4) Late majority
5) Laggards

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14
Q

What are stages of new product development?

A

1) Idea generation
2) Idea screening
3) Concept development and testing
4) Marketing strategy development
5) Business analysis
6) Product development
7) Test marketing
8) Commercialization

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15
Q

What is crowdsourcing?

A

Inviting broad communities of people such as customers, employees, independent scientists and researchers, and even the public at large into new-product innovation process.

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16
Q

What is idea screening?

A

Screening new product ideas to spot good ideas and drop poor ones as soon as possible.

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17
Q

What is product concept?

A

A detailed version of the new-product idea stated in meaningful consumer terms.

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18
Q

What is marketing strategy development?

A

Designing an initial marketing strategy for a new product based on the product concept.

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19
Q

What is business analysis?

A

A review of the sales, costs, and profits projections for a new product to find out whether these factors satisfy the company objectives.

20
Q

What is product development?

A

Developing the product concept into the physical product to ensure that the product idea can be turned into the workable market offering.

21
Q

What is test marketing?

A

The stages of new product development in which the product and marketing program are tested in realistic market setting.

22
Q

What is commercialization?

A

The full-scale introduction of the new product into the market.

23
Q

What is product lifecycle?

A

The course of a product’s sales and profits over its lifetime. It involves five stages: product development, introduction, growth, maturity, and decline

24
Q

What is introduction stage?

A

The product life-cycle stage in which the new product is first distributed and made available for purchase.

25
Q

What is growth stage?

A

The product life-cycle stage in which a product’s sales start climbing quickly.

26
Q

What is maturity stage?

A

The product life-cycle stage in which sales growth slows or levels off.

27
Q

What is declining stage?

A

The product life-cycle stage in which product’s sales decline.

28
Q

What is style?

A

A basic and distinctive mode of expression.

29
Q

What is fashion?

A

A currently accepted or popular style of design, colour, or theme.

30
Q

What is a fad?

A

A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.

31
Q

What is product quality?

A

The characteristics of a product or a service that bears on its ability to satisfy stated or implied customer needs.

32
Q

What is packaging?

A

The activities of designing and producing the container or wrapper for a product.

33
Q

What is sustainable packaging?

A

Packaging that meets the requirements of a product while minimizing the environmental, economic, and social impact of the product and it’s package.

34
Q

What is product line?

A

A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall withing given price ranges.

35
Q

What is line extension?

A

new products added to existing product line (length)

36
Q

What is brand extension?

A

new line added to existing mix (width)

37
Q

What is depth extension?

A

new versions added to existing products (depth)

38
Q

What is product mix?

A

The set of all product lines and items that the company markets.

39
Q

What are four special characteristics of services?

A

1) Intangibility
2) Variablity
3) Inseparability
4) Perishability

40
Q

What is service intangibility?

A

A major characteristic of services - they cannot be seen, tasted, felt, heard, or smelled before they are bought.

41
Q

What is service inseparability?

A

A major characteristic of services- they are produced and consumed at the same time and cannot be separated from their providers.

42
Q

What is service variability?

A

A major characteristic of service - their quality may vary greatly, depending on who provides them and when, where, and how.

43
Q

What is service perishability?

A

A major characteristic of service they cannot be stored for later sale or use.

44
Q

What is a service-profit chain?

A

The chain that links service firms profits with employee and customer satisfaction.

45
Q

What is internal marketing?

A

Orienting and motivating customer-contact employees and supporting services people to work as a team to provide customer satisfaction.

BUS 343 (12 decks)

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