marketing ch.10

Question 1

Product

Answer 1

a good,service or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers’ needs and is recieved in exchange for money or something else of value

Question 2

Good

Answer 2

has tangible attributes that a consumer can sense

Question 3

nondurable good

Answer 3

consumed in one or few uses

Question 4

durable good

Answer 4

usually lasts over many uses

Question 5

services

Answer 5

intangible activities/benifits that an org provides to satisfy consumer’s needs in return for money/something of value

Question 6

consumer products

Answer 6

purchased by ultimate consumer

Question 7

convenience products

Answer 7

items that consumers purchase frequently with little shopping effort

Question 8

shopping products

Answer 8

items for which the consumer compares several alternatives on criteria such as price quality or style

Question 9

unsought products

Answer 9

items that the consumer does not know about or knows about but does not initially want

Question 10

business products

Answer 10

products/organizations buy that assist in providing other products for resale

Question 11

components

Answer 11

items that become part of the final product

Question 12

support products

Answer 12

items used to assist other goods and services

Question 13

product item

Answer 13

specific product that has a unique brand

Question 14

product line

Answer 14

is a group of products or service items that are

Question 15

product mix

Answer 15

consists of all of the product lines offered by an organization

Question 16

Newness in terms of existing products

Answer 16

if a product is functionally different from existing products

Question 17

Newness from consumers perspective

Answer 17

defined by degree of learning required

Question 18

continuous innovation

Answer 18

only minor changes in behavior are required

Question 19

discontinuous innovation

Answer 19

involves making the consumer learn entirely new consumption pattern to use the product

Question 20

Newness in legal terms

Answer 20

FTC(federal trade commsission) advises that the term new be limited to use with a product up to 6 months after it enters regular distribution

Question 21

3 levels of new

Answer 21

Lowest: least risk. Product line extension

Middle:
significant jump in tech
brand extension involving putting an established brand name on a new product in a new market

High: a radical invention

Question 22

protocol

Answer 22

a statement that before product development begins identifies:
A wellds-defined target market
specific customer needs/wants
what the product will do to satisfy consumers

Question 23

Stage 1: New Product Strategy Development

Answer 23

defines the role of the new product in terms of the firms overall objectives

Uses SWOT analysis
Environmental Scanning
Defines protocol

Question 24

Stage 2: Idea Generation

Answer 24

involves developing a pool of concepts to serve as candidates for the new prodcuts

Question 25

Open innovation

Answer 25

organization finds and executes creative new product ideas by developing strategic relationships with outside individuals and orgs

Question 26

crowdsourcing

Answer 26

involves generating insights leading to actions based on massive numbers of peoples ideas

Question 27

Stage 3: Screening and Evaluation

Answer 27

Internally and externally evaluates new product ideas to eliminate thos e that warrant no further effort

Question 28

Internal approach

Answer 28

firms employees evaluate the technical feasibility of a new product idea to see if it meets objectives

Question 29

external approach

Answer 29

uses conspet tests-external evaluations with consumers that consist of preliminary testing of a new product idea rather than an actual product

Question 30

Step 4: Business Analysis

Answer 30

specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections

Question 31

Step 5: Development

Answer 31

stage of the new product process that turns teh idea on papaer into prototype

Question 32

step 6: Market testing

Answer 32

test to see if prospective consumer would buy

Question 33

test marketing

Answer 33

offering a product for sale on limited bases in a defined are a for specific period

Question 34

standard test markets

Answer 34

company develops product then attempts to sell it through normal distribution channels in a number of test market cities.

Question 35

controlled test markets

Answer 35

contracting the entire test program to outside service. Service pays retailers for shelf space

Question 36

Simulated Test Markets

Answer 36

replicates full scale test markets to a limited degree

Question 37

Stage 7: Commercialization

Answer 37

the stage of the new product process that positions and launches a new product in full-scale production and sales. Most expensive stage