chapter 9 Flashcards
A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value.
product
Intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value.
services
Products organizations buy that assist in providing other products for resale. Also called B28 products or industrial products.
business products
Items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort.
connivence products
Items for which the
consumer compares several alternatives on criteria such as price, quality, or style.
shopping products
Items that the consumer makes a special effort to search out and buy.
specialty products
The four unique elements that distinguish services from goods: intangibility, inconsistency, Inseparability, and inventory.
Four I’s of service
A specific product that has a unique brand, size, or price.
product item
A group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range.
product line
Consists of all the product lines offered by an organization.
product mix
consumers don’t need to learn new behaviors.
continuous innovation
only minor changes in behavior are re-quired.
dynamically continuous innovation
involves making the consumer learn entirely new consumption patterns to use the product.
discontinuous innovation
A statement that, before product development begins, identifies (1) a well-defined target market;
(2) specific customers’ needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers.
protocall
Items that the consumer does not know about or knows about but does not initially want.
unsought products
Occurs when the service provider is available but there is no demand for the service.
idle production capacity
Practices and processes that encourage the use of external as well as internal ideas and internal as well as external collaboration when conceiving, producing, and marketing new products and services.
open innovation
The stage of the new-product development process that defines the role for a new product in terms of the firm’s overall objectives.
new-product strategy development
The stage of the new-product development process that develops a pool of concepts to serve as candidates for new products, building upon the previous stage’s results.
idea generation
The seven stages an organization goes through to identify opportunities and convert them into salable products or services.
new-product development process
The stage of the new-product development process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy.
market testing
The stage of the new-product development process that positions and launches a new product in full-scale production and sales.
commercialization
