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| a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value. |
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| a group of products 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 type of outlets, or fall within a given price range. |
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| a specific product as noted by a unique brand, size or price. |
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number of product lines offered by a company.
Classification of goods |
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| items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort. not really brand sensitive, the role of the marketer is to make sure that the product is widely distributed. |
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| First stage of the product life cycle |
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| Second stage of the product life cycle |
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| Third Stage of the product life cycle |
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| Final stage of the product life cycle |
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| desire for the product class rather than for a specific brand |
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| preference for a specific brand |
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| helps build unit volume, but forces a company to closely monitor costs |
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| helps a company to recover costs of development as well as capitalize on the price insensitivity of early buyers |
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| Entire product category or industry, such as prerecorded music |
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| variations within the product class. E.g. prerecorded music, product form exists in the technology used to provide the music, such as cassette tapes, cds, and digital music players. |
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| how products diffuse/spread through a population |
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| A name, term, sign, symbol, or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of the competition |
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| A promise that a firm makes to its customers |
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| items for which the consumer compares several alternatives on criteria, such as price, quality, or style. Something that people are willing to spend a little bit more effort on when looking for it and an item that people are more brand conscious towards. |
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| items, such as Rolex watches, that a consumer makes a special effort to search out and buy. The same product can be considered a shopping good by one person and a specialty good by another. |
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| items that the consumer either does not know about or knows about but does not initially want. people don’t even think that they need until a certain event arises. (e.g. funeral needs, thesaurus, coffins). |
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| raw materials as well as component parts, which are used in the manufacturing process and become part of the final product. Marketers of these products tend to sell directly to industrial users. |
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| items used to assist in producing other goods and services. |
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| a good that usually lasts over an extended number of uses, such as appliances, automobiles, and stereo equipment |
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| An item consumed in one or a few uses, such as food products and fuel |
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| activities, benefits, or satisfactions offered for sale, such as marketing research, health care, and education |
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| Requires no new learning by consumers is necessary. Typically is an improvement on a current product that consumers are already familiar with. Effective marketing focuses on generating awareness and not completely reeducating customers. |
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| Dynamically continuous innovation |
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| minor changes in behavior is required. Marketing strategy is to educate prospective buyers on the product’s benefits, advantages, and proper use. |
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| requires new learning and consumption patterns by consumer. Marketing focuses on gaining initial consumer awareness and educating consumers on benefits and proper use of the innovative product. |
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| 1st Prod Dev Stage: New-product strategy development |
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| 1st stage of product development: Identify new product niches to reach in light of company objectives |
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| 2nd Prod Dev Stage: Idea generation |
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| Develop concepts for possible products |
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| 3rd Prod Dev Stage: Screening and evaluation |
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| Separate good product ideas from bad ones inexpensively |
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| 4th Prod Dev Stage: Business Analysis |
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| Identify the products features and its marketing strategy and make financial projections |
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| 5th Prod Dev Stage: Development |
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| Create the prototype product and test it in the laboratory and on consumers |
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| 6th Prod Dev Stage: Market Testing |
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| Test product and marketing strategy in the marketplace on a limited scale |
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| 7th Prod Dev Stage: Commercialization |
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| Position and offer the product in the marketplace |
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| Is the new product superior to existing products? |
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| Does the new product fit the values and experience the target market |
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| Is the new product difficult to understand or use? |
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| Can the new product be used on a limited basis? |
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| can results be easily observed or described to others? |
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| Initial adopter: Venturesome, higher educated, use multiple information sources |
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| 2nd adopter: leaders in social setting, slightly above average education |
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| 3rd adopter: deliberate, many informal social contacts |
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| 4th Adopter: Skeptical, below average social status |
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| Final Adopter: Fear of debt, neighbors and friends are information sources. |
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| Involves aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action |
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| relatively homogeneous groups of prospective buyers that result from the market segmentation process. |
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| involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products. |
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| Age, gender, family size, income, occpation. The most popular bases for segmenting customer groups |
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