Marketing 181 – Chapter 10

Product
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
Services
intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value
Consumer Products
products purchased by the ultimate consumer
Business Products
products organizations buy that assist in providing other products for resale
Convenience Products
items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort
Shopping Products
items for which the consumer compares several alternatives on criteria such as price, quality, and style
Specialty Products
items that the consumer makes a special effort to search out and buy
Unsought Products
items that the consumer does not know about or knows about but does not initially want
Product Item
a specific product that has a unique brand, size or price
Product Line
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 Mix
consists of all of the product lines offered by an organization
Protocol
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
New-Product Process
the seven stages an organizations goes through to identify opportunities and convert them into salable products or services
New-product Strategy Development
the stage of the new-product process that defines the rile for a new product in terms of the firm’s overall objectives
Idea Generation
the second stage of the new-product process, involved developing a pool of concepts to serve as candidates for new products, building upon the previous stage’s results.
Screening and Evaluation
the stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort
Customer Experience Management (CEM)
the process of managing the entire customer experience within the company
Business Analysis
the features of the product and the marketing strategy needed to bring it to market and make financial projections
Development
the stage of the new-product process that turns the idea on paper into a prototype
Market Testing
the stage in the new-product process that involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy
Commercialization
the stage of the new-product process that positions and launches a new product in full-scale production and sales