Shared Flashcard Set

Details

Ch. 8
N/A
45
Marketing
Not Applicable
10/10/2011

Additional Marketing Flashcards

 


 

Cards

Term
good
Definition
A tangible product that we can see, touch, smell, hear, or taste.
Term
attributes
Definition
Include features, functions, benefits, and uses of a 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.
Term
core product
Definition
All the benefits the product will provide for consumers or business customers.
Term
actual product
Definition
The physical good or the delivered service that supplies the desired benefit.
Term
augmented product
Definition
The actual product plus other supporting features such as a warranty, credit, delivery, installation, and repair service after the sale.
Term
durable goods
Definition
Consumer products that provide benefits over a long period of time, such as cars, furniture, and appliances.
Term
nondurable goods
Definition
Consumer products that provide benefits for a short time because they are consumed (such as food) or are no longer useful (such as newspapers).
Term
convenience product
Definition
A consumer good or service that is usually low-priced, widely available, and purchased frequently with a minimum of comparison and effort.
Term
staple products
Definition
Basic or necessary items that are available almost everywhere.
Term
impulse products
Definition
A product people often buy on the spur of the moment.
Term
emergency products
Definition
Products we purchase when we're in dire need.
Term
shopping products
Definition
Goods or services for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase.
Term
intelligent agents
Definition
Computer programs that find sites selling a particular product.
Term
specialty products
Definition
Goods or services that has unique characteristics and is important to the buyer and for which they will devote significant effort to acquire.
Term
unsought products
Definition
Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to their attention.
Term
equipment
Definition
Expensive goods that an organization uses in its daily operations that last for a long time.
Term
maintenence, repair, and operating (MRO) products
Definition
Goods that a business customer consumes in a relative short time. (light bulbs, mops, cleaning supplies)
Term
raw materials
Definition
Products of the fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their final products.
Term
processed materials
Definition
products created when firms transform raw materials from their original state. (using lumber to create a deck)
Term
component parts
Definition
Manufactured goods or subassemblies of finished items that organizations need to complete their own products. (computer manufacturers need silicon chips to make a computer.
Term
innovation
Definition
A product that consumers perceive to be new and different from existing products.
Term
continuous innovation
Definition
A modification of an existing product that sets one brand apart from its competitors.
Term
knockoff
Definition
A new product that copies, with slight modification, the design of an original product.
Term
dynamically continuous innovation
Definition
A change in an existing product that requires a moderate amount of learning or behavior change.
Term
discontinuous innovation
Definition
A totally new product that creates major changes in the way we live.
Term
convergence
Definition
The coming together of two or more technologies to create a new system with greater benefits than its separate parts.
Term
new product development (NPD)
Definition
The 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.
Term
idea generation
Definition
The first step of product development in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission.
Term
product concept development and screening
Definition
The second step of product development in which marketers test product ideas for technical and commercial success.
Term
business analysis
Definition
The step in the product development in which marketers assess a product's commercial viability.
Term
technical development
Definition
The step in the product development process in which company engineers refine and perfect a new product.
Term
prototypes
Definition
test versions of a proposed product.
Term
patent
Definition
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.
Term
test marketing
Definition
Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter.
Term
commercialization
Definition
The final step in the product development process in which a new product is launched into the market.
Term
product adoption
Definition
the process by which a consumer or business customer begins to buy and use a new good, service, or idea.
Term
diffusion
Definition
The process by which the use of a product spreads throughout a population.
Term
tipping point
Definition
in the context of product diffusion, the point when a product's sales spike from a slow climb to an unprecedented new level, often accompanied by a steep price decline.
Term
media blitz
Definition
A massive advertising campaign that occurs over a relatively short time frame.
Term
impulse purchase
Definition
A purchase made without any planning or search effort.
Term
relative advantage
Definition
The degree to which a consumer perceives that a new product provides superior benefits.
Term
compatibility
Definition
The extent to which a new product is consistent with existing cultural values, customs, and practices.
Term
complexity
Definition
The degree to which consumers find a new product or its use difficult to understand.
Term
trialability
Definition
The ease of sampling a new product and its benefits.
Term
observability
Definition
How visible a new product and its benefits are to others who might adopt it.
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