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Definition
| Good, service, or idea consisting of tangible and intangible features that satisfies consumers and is received in exchange for money or some other unit of value |
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| Group of products that are closely related because they satisfy a class of needs, are used together, are solid to the same customer group, are distributed through the same outlets, or fall within a given price range. |
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| All the product lines offered by a company |
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| Products purchased by the ultimate consumer |
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| Products that assist directly or indirectly in providing products for resale |
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| Intangible activities or benefits that an organization provides to consumers in exchange for money or somethin else of value |
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Definition
| Services are intangible, they cannot be held, touched, or seen before the purchase decision |
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Definition
| Developing, pricing, promoting, and delivering services is challenging because the quality of a service is often inconsistent. |
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Definition
| Consumers often cannot distinguish the deliverer of the service from the service itself. For example, at a university, the quality of lectures may be excellent, but if students cannot get questions answered, find counseling and placement services poor, or do not receive adequate library or computer assistance, they may not be satisfied with their university experience. |
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Definition
| Inventory of services is different from that of goods. Inventory problems exist with goods because many items are perishable and because there are "carrying costs" associated with handling and storing inventory. With services, inventory carrying costs are more subjective and are related to idle production capacity. |
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Definition
| When the supply of the service exceeds the demands for it. If a physician is paid to see patients, but no one schedules appointments, the idle physician's salary is an example of idle production capacity. |
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| Items used in the manufacturing process that become a part of the final product. Includes raw materials, such as grain or lumber, or component parts, such as door hinges used in car doors |
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| Second class of business goods, used to assist in the producing of other goods and services. Includes installations, accesory equipment, supplies, and services. |
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| Marketing Reasons for New-Product Success or Failure |
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Definition
1. Insignificant point of difference.
2. Incomplete market and product definition before product development starts.
3. Too little market attractiveness.
4. Poor execution of marketing mix: name, package, price, promotion, distribution.
5. Poor product quality or sensitivity to customer needs on critical factors.
6. Bad timing.
7. No economical access to buyers. |
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Definition
| Sequence of activities a firm uses to identify business opportunities and convert them into salable goods or services |
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| Involves specifying the features of the product and the marketing strategy needed to commercialize it, and making necessary financial projections |
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| The stage of the new-product process that involves turning the idea on paper into a prototype. |
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| Stage of new-product process that involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy |
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Definition
| Involves offering a product for sale on a limited basis in a defined area. Done to determine whether consumers will actually buy the product and to try different ways of marketing it. |
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Definition
| The stage of the new-product process that involves positioning and launching a new product in full-scale production and sales. Most expensive stage for new products. |
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