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| Good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumer's needs and is received in exchange for money or something else of value. |
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| Intangible activities or benefits that an organization provides to satisfy consumer's needs in exchange money or something else of value. |
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| Products purchased by the ultimate consumer. |
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| Items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort. |
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| are items for which the consumer compares several alternatives on criteria, such as price, quality or style. |
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| items that a consumer makes a special effort to search out and buy. |
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| items that the consumer either does not know about or knows about but does not initially want. |
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| Products that assist directly or indirectly in providing products for resale. Also called B2B Goods, or Organizational Goods. |
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| are items used in the manufacturing process that become part of the final product. |
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| items used to assist in producing other goods and services. |
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| is a specific product that has a unique brand, size or price. |
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| 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. |
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| consists of all the product lines offered by an organization |
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| consists of the four unique elements that distinguish services from goods: Intangibility, Inconsistency, Inseparability, Inventory. |
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| Occurs when the service provider is available but there is no demand for the service. |
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| Process consists of the seven stages an organization goes through to identify business opportunities and convert them to a salable good or service. |
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Definition
Statement that, before product development begins, identifies:
1. Well defined target market
2. Specific Customers' needs, wants and preferences
3. What the product will be and do. |
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| stage of the new product process that defines the role for a new product in terms of the firm's overall corporate objectives. |
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| Stage of the new-product process that involves developing a pool of concepts as candidates for new products. |
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| Stage of the new-product process that involves internal and external evaluations of the new-product ideas to eliminate those that warrant no further effort. |
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| stage of the new-product process that involves specifying the product features and marketing strategy and making necessary financial projections needed to commercialize a product. |
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| stage of new-product process that involves turning the idea on paper into a prototype. |
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| stage of the 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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| stage of the new-product process that involves positioning and launching a new product in full-scale production and sales. |
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| Payment a manufacturer makes to place a new item on a retailers shelf. |
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| Penalty payment a manufacturer makes to compensate a retailer for sales its valuable shelf space failed to make. |
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| Customer Experience Management (CEM) |
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Definition
| process of managing the entire customer experience within the firm. |
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