Marketing 300 Chapter 12

What is Idea Screening?
The filter that eliminates ideas that are not consistent with the organization
What is involved in Concept Development?
Creation of Prototype
Marketing Strategy
Packaging
Manufacturing
What are some considerations in the Business Analysis Stage?
Demand
Cost
Sales
Profitability
What is Test Marketing?
The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market
What are the steps in Marketing a New Product? (Commercialization)
Production
Inventory Buildup
Distribution Shipments
Sales Training
Trade Announcements
Customer Advertising
What is Diffusion?
The Process by which the acceptance of an innovation is spread by communication to members of social system over a period of time
What is the Adoption Process?
Deciding whether or not to continue to use the product or not.
The 5 Steps are:Awareness, Interest, Evaluation, Trial, and Adoption
What is Relative Advantage?
The Degree to which potential consumers perceive a new product as superior to existing substitution
What are the Characteristics of Compatibility?
How potential consumers feel a new product is consistent with their present needs, values, and practices
What are the Characteristics of Complexity?
How difficult it is to use or understand a product
What are the Characteristics of Trialability?
How the product is capable of being tried on a limited basis
What are the Characteristics of Observability?
How products benefits could be observed, imagined, or described to potential customers
What are the Adopter Categories?
How early or late a consumer adopts a new production on relation to other adopters
What is Service Marketing?
Any activity that one party can offer to another that is essentially intangible and does not result in the ownership of anything
What are different types of Service?
Service as a Product (Hotels)
Customer Service (Complaints)
Value-Added for Manufactured Products (Installation)
Why do firms focus on Service?
Provide Higher Profits
Loyalty is driven by Service Excellence
Used as a differentiation in competitive Markets
What are the Unique Differences between Goods and Services?
Intangibility
Inseparability
Variability
Perishability
What is included with service Quality?
Reliability
Responsiveness
Assurance
Empathy
Tangibles
What is Servicescape?
The use of Physical evidence to design service environments