Term
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Definition
is anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want
• Soap
• Toothpaste |
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Term
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Definition
is a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in ownership
• Doctor’s exam
• Legal advice |
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Term
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Definition
are products and services for personal consumption
• Classified by how consumers buy them
• Convenience product
• Shopping products
• Specialty products
• Unsought products |
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Term
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Definition
are consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying
effort
• Newspapers
• Candy
• Fast food |
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Term
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Definition
are consumer products and services that the customer compares carefully on suitability, quality, price, and
style
• Furniture
• Cars
• Appliances |
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Term
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Definition
are consumer products and services with unique characteristics or brand
identification for which a significant group of buyers
is willing to make a special purchase effort
• Medical services
• Designer clothes
• High-end electronics |
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Term
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Definition
are the benefits of the
product or service
• Quality
• Features
• Style and design |
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Term
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Definition
is the name, term, sign, or design, or
a combination of these, that identifies the maker or seller of a product or service
Ex: JetBlue
KFC |
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Term
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Definition
involves designing and producing
the container or wrapper for a product
ex: Paul Mitchell
• Primary container
• Secondary container
• Shipping package |
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Term
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Definition
identifies the product or brand, describes attributes, and provides promotion
• Identifies product
• Grade product (Grade A)
• Describe product
• Promote product with graphics |
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Term
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Definition
| refers to original products, product improvements, product modifications, and new brands developed from the firm’s own research and development |
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Term
| New-Product Development Process |
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Definition
These are the 8 stages of ____.
1. Idea generation
2. Idea screening
3. Concept development and testing
4. Marketing strategy development
5. Business analysis
6. Product development
7. Test marketing
8. Commercialization |
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Term
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Definition
(New Prod Development)
is the systematic
search for new product ideas
Sources of new-product ideas (2 types)
• Internal
• External
-Internal sources refer to the company’s own formal research and development, management and staff,
and intrapreneurial programs.
-External sources refer to sources outside the
company such as customers, competitors,
distributors, suppliers, and outside design firms |
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Term
| Concept Development and Testing 3 |
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Definition
(New Prod Development)
This step deals with:
Product idea: is an idea for a possible product that the company can see itself offering to the market
Product concept: is a detailed version of the idea stated in meaningful consumer terms
Concept testing: refers to new-product
concepts with groups of target
consumers |
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Term
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Definition
(New Prod Development)
refers to reviewing new product
ideas in order to spot good ideas
and drop poor ones as soon as possible |
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Term
| Marketing strategy development 4 |
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Definition
(New Prod Development)
refers to the initial marketing strategy for introducing the product to the market.
Part 1:
• Description of the target market
• Product positioning, sales, market share, and profit goals
Part 2:
• Price, distribution, and budget
Part 3:
• Long-term sales, profit goals, and marketing mix strategy |
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Term
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Definition
(New Prod Development)
involves a review of the
sales, costs, and profit projections to find out whether they satisfy the company’s objectives |
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Term
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Definition
(New Prod Development)
involves the creation and testing of one or more physical versions
by the R&D or engineering departments
• Requires an increase in investment |
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Term
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Definition
(New Prod Development)
is the stage at which the
product and marketing program are
introduced into more realistic marketing
settings
Test marketing provides the marketer with experience in testing the product and entire marketing program before full introduction |
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Term
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Definition
(New Prod Development)
is the introduction of the new product
• When to launch
• Where to launch
• Planned market rollout |
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Term
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Definition
| is the course that a product’s sales and profits take over its lifetime. |
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Term
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Definition
• Product development
• Introduction
• Growth
• Maturity
• Decline |
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Term
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Definition
(PLC)
What is the first stage of the Product Life Cycle? |
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Term
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Definition
(PLC)
is when the new product is first launched
• Takes time
• Slow sales growth
• Little or no profit
• High distribution and promotion expense |
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Term
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Definition
(PLC)
is when the new product satisfies the
market
• Sales increase
•New competitors enter the market
• Price stability or decline to increase volume
• Consumer education
• Profits increase
• Promotion and manufacturing costs gain economies of scale
• Product quality increases
• New features
• New market segments and distribution channels are entered |
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Term
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Definition
(PLC)
is a long-lasting stage of a product
that has gained consumer acceptance
• Slowdown in sales
• Many suppliers
• Substitute products
• Overcapacity leads to competition
• Increased promotion and R&D to support sales and profits |
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Term
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Definition
(PLC)
is when sales decline or level off
for an extended time, creating a weak product.
• Maintain the product
• Harvest the product
• Drop the product |
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