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MKT 205 > NPD (Chapter 8) > Flashcards

NPD (Chapter 8) Flashcards

1
Q

Attributes

A

Includes features, functions, benefits and uses of 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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2
Q

Good

A

Tangible product that we can see, touch, smell, hear or taste.

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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

Physical good or delivered service that supplies desired benefit.

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5
Q

Augmented product

A

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

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6
Q

Durable goods

A

Consumer products that provide benefits over a long time

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7
Q

Nondurable goods

A

Consumer products that provide benefits for a short time because they are consumed (such as food) or are no longer useful (such as newspapers).

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8
Q

Convenience product

A

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

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9
Q

Staple products

A

Basic/necessary items available almost everywhere

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10
Q

Consumer packaged good (CPG) or fast0moving consumer good (FMCG)

A

Low-cost good consumed quickly and replaced frequently.

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11
Q

Impulse products

A

Product people often buy spur of the moment.

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12
Q

Emergency products

A

Products we purchase in dire need.

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13
Q

Shopping products

A

Goods/services for which consumers spend considerable time and effort gathering information and comparing alternatives before making purchase.

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14
Q

Specialty products

A

Goods/services that have unique characteristics and is important to the buyer and for which he or she will devote significant effort to acquire.

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15
Q

Unsought products

A

Goods/services for which a consumer has little awareness or interest until product or need for product is brought to his/her attention.

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16
Q

Equipment

A

Expensive goods organization uses in daily operations that last for long time

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17
Q

Maintenance, repair and operation (RMO) 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 organization 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

Specialized services

A

Services that are essential to the operation of an organization but are not part of the production of a product.

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21
Q

Component parts

A

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

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22
Q

Innovation

A

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

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23
Q

Creativity

A

A phenomenon whereby something new and valuable is created.

24
Q

Continuous innovation

A

A modification of an existing product that sets one brand apart from its competitors

25
Knockoff
A new product that copies, with slight modification, the design of an original product.
26
Dynamically continuous innovation
A change in an existing product that requires moderate amounts of learning or behavior change
27
Discontinuous innovation
A totally new product that creates major changes in the way we live
28
Convergence
The coming together of two or more technologies to create a new system with greater benefits than its separate parts.
29
Research & Development (R&D)
A well-defined and systematic approach to how innovation is done within the firm.
30
New Product Development (NPD)
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.
31
idea generation (ideation)
A phase of product development in which marketers use a variety of sources to come up with great new product ideas that provide customer benefits and that are compatible with the company mission.
32
Value co-creation
The process by which benefits-based value is created through collaborative participation by customers and other stakeholders in the NPD process.
33
Product Concept Devleopment and Screening
The second step of product development in which marketers test product ideas for technical and commercial success.
34
Business analysis
The step in the product development process in which marketers assess a product's commercial viability.
35
Technical development
The step in the product development process in which company engineers refine and perfect a new product.
36
Prototypes
Test version of a proposed product.
37
Patent
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.
38
Test marketing
Testing the complete marketing plan in a smaller geographic area that is similar to the larger market the firms hope to enter.
39
Simulated test marketing
Application of special computer software to imitate the introduction of a product into the marketplace allowing the company to see the likely impact of price cuts and new packaging - or even to determine where in the store it should try to place the product.
40
Commerciallization
The final step in the product development process in which a new product is launched into the market.
41
Crowdunding
Online platforms that allow thousands of individuals to each contribute small amounts of money in order to fund a new product from a startup company.
42
Production adoption
The process by which a consumer or business customer begins to buy and use a new good, service, or idea.2
43
Deiffusion
The process by which the use of a product spreads throughout a population.
44
Tipping point
In the context of product diffusion, the point when a product's sales spike from a slow climb to an unprecedented new level.
45
Adoption pyramid
Reflects how a person goes from being unaware of an innovation through states from the bottom up of awareness, interest, evaluation, trial, adoption and confirmation.
46
Media Blitz
A massive advertising campaign that occurs over a relatively short time frame.
47
Impulse purchase
Purchase made without planning or search effort.
48
Innovators
First segment (2.5%) of a population to adopt a new product.
49
Early adopters
Those who adopt an innovation early in the diffusion process but after innovators.
50
Early majority
Those whose adoption of a new product signals a general acceptance of innovation.
51
Late majority
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.
52
Laggards
The last consumers to adopt an innovation.
53
Relative advantage
The degree to which a consumer precives that a new product provides superior benefits.
54
Compatibility
The extent to which a new product is consistent with existing cultural values, customers and practices.
55
Complexity
the degree to which consumers find a new product or its use difficult to understand
56
Trialability
The ease of sampling a new product and its benefits
57
Observability
How visible a new product and its benefits are to others who might adopt it.

MKT 205 (8 decks)

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