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Chapter 10
Midterm 1
20
Marketing
Undergraduate 2
03/05/2013

Additional Marketing Flashcards

 


 

Cards

Term
product
Definition
a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value
Term
services
Definition
the intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange money or something else of value
Term
consumer products
Definition
products purchased by the ultimate consumer.
Term
business products
Definition
products organizations buy that assist in providing other products for resale. Also called B2B products or industrial products.
Term
convenience products
Definition
items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort.
Term
shopping products
Definition
items for which the consumer compares several alternatives on criteria, such as price, quality, or style.
Term
specialty products
Definition
items that a consumer makes a special effort to search out and buy.
Term
unsought products
Definition
items that the consumer either does not know about or knows about but does not initially want.
Term
product item
Definition
a specific product that has a unique brand, size, or price.
Term
product line
Definition
a 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
Term
product mix
Definition
consists of all of the product lines offered by an organization.
Term
protocol
Definition
a statement that, before product development begins, identifies: (1) a well-defined target market; (2) specific customers’ needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers.
Term
new-product process
Definition
consists of the seven stages an organization goes through to identify business opportunities and convert them to salable products or services
Term
new-product strategy development
Definition
the stage of the new-product process that defines the role for a new product in terms of the firm’s overall objectives.
Term
idea generation
Definition
the stage of the new-product process that develops a pool of concepts to serve as candidates for new products, building upon the previous stage’s results.
Term
screening and evaluation
Definition
the stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort
Term
business analysis
Definition
the stage of the new-product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections.
Term
development
Definition
the stage of the new-product process that turns the idea on paper into a prototype
Term
market testing
Definition
the stage of the new-product process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy.
Term
commercialization
Definition
the stage of the new-product process that positions and launches a new product in full-scale production and sales.
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