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| item consumed in one or a few uses (food products/fuel |
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| good that lasts over many uses (appliance) |
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| includes physical goods as well as services and ideas |
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| products purchased by the ultimate consumer |
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| products that organizations buy that assist in providing other products for resale |
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| points of difference in consumer products |
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Definition
1. effort the consumer spends on the decision
2. attributes used in making the purchase decision
3. frequency of the purchase |
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| items that the consumer purchases frequently, conveniently, and with a minimum shopping effort |
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| consumer compares several alternatives on such criteria such as price, quality, or style |
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| consumer makes a special effort to search out and buy |
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| consumer does not know about or knows about but does not initially want |
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| result from the sale of consumer products (feature of business products) |
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| specific product that has a unique brand, size or price |
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stock keeping unit
a unique identification number that defines an item for ordering or inventory purposes |
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| a group of products 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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| FTC defines it as up to 6 months after it enters regular distribution |
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Definition
| no new behavior needs to be learned (such as introducing oreo cakesters from oreos) |
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| dramatically (dynamically) continuous innovation |
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Definition
1. only minor changes in behavior are required
2. when there is some change in buyer behavior (less water intensive washer)
3. points of difference and benefits to consumer are advertised as marketing strategy |
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Definition
| involves making the consumer learn entirely new consumption patterns to use the product (education through product trial and personal selling is the marketing strategy) |
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| statement that before development begins identifies a well-defined target market, specific customers' needs, wants, and preferences, and what the product will be and do |
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| insignificant point of difference |
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Definition
| single most important factor for a new product to defeat competitive ones --> your advantage over a competitor |
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Term
| incomplete market and product protocol before development starts, what happens? |
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Definition
| without this protocol, firms try to design a vague product for a phantom market |
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| not satisfying customer needs on critical factors |
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Definition
| this factor stresses that problems on one or two critical factors can kill the product, even though the general quality is high |
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Definition
| the seven stages an organization goes through to identify basic opportunities and convert them to a salable good or service |
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Term
| stage 1 of new product process |
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Definition
new product strategy development, where the role for a new product in terms of the firm's overall objectives is defined
SWOT analysis, and vital protocal is defined |
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| stage 2 of new product process |
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Definition
| idea generation, in which a pool of concepts as candidates for new products, building upon the previous stage's results is developed |
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Definition
| organization finds and executes creative new product ideas by developing strategic relationships with outside individuals and organizations |
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| applied art that improves the aesthetics and usefulness of mass-produced products for users |
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| stage 3 of new product process |
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Definition
| screening and evaluation of ideas, internally and externally |
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Definition
| firm's employees evaluate the technical feasibility of a proposed new-product idea to determine whether it meets the objectives defined in the new-product strategy development step |
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customer experience management
the process of managing the entire customer experience within the firm |
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| external evaluations with consumers that consist of preliminary testing of a new-product idea rather than an actual product |
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| stage 4 of new product process |
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Definition
business analysis
specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections, the last checkpoint before major resources are invested to create a prototype.
assesses the total "business fit" of the proposed new product with the company's mission and objectives |
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development
turning the idea into a prototype (a demonstrable, producible product that involves manufacturing the product and performing it to ensure it meets certain standards set by protocol. |
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Market Testing
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
this test is done to determine whether consumers will actually but the product and try different ways of marketing |
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Definition
stimulated test markets
stimulates a full-scale market test but in a limited fashion |
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Definition
commercialization
position and launches a new product in full-scale production and sales (most expensive stage for new products)
includes regional rollouts |
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| introducing the product sequentially into geographic areas of the US |
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| payment a manufacturer makes to place a new item on a retailer's shelf |
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Definition
| a penalty a manufacturer makes to compensate a retailer for sales its valuable shelf space failed to make |
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Definition
| cross-functional team members who conduct the simultaneous development of both the product and the production process stay with the product from conception to production |
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Definition
uses a "do it, try it, fix it" approach
encourages continuing improvement even after the initial design |
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Term
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Definition
| awareness, knowledge, linking, preference, trial, adoption |
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