Chapter 10 Flashcards
1.New to the world products (uber)
2.new category products (McDonalds going into coffee)
3.Product line extensions (new flavors)
4.Product improvements (new iPhone)
5.Product repositioning (same product but change how they talk about it? (old spice Terry crews talking about it)
6.Cost reductions (companies who do things to profit more than before like take out something of the product)
The six types of new products and services
What are the six types of new products and services ?
1.new to the world
2.new category products
3.product line extension
4.product improvements
5.product repositioning
6.cost reductions
what percent of new products fail ?
95 %
What are the factors to predict success of new products ?
- relative advantage
- compatibility
- complexity
- trialability
- observability
the degree to which the consumers perceive the new product as having superior benefits
which factor to predict success of new products is this ?
relative advantage
the extent to which a new product is consistent with existing cultural values, customs, or practices
which factor to predict success of new products is this ?
compatibility
the easier the product is to use, the more intuitive the product, the faster the adoption process
which factor to predict success of new products is this ?
complexity
how easy it is for me to actually try your product or service
which factor to predict success of new products is this ?
trialability
how easy is it to observe the benefit of this product or service
which factor to predict success of new products is this ?
observability
a process that allows teams and organizations to be able to get people and send them off to go and evaluate ideas, do some research, but then to bring them back and to share them with a cross functional team to ver them and see if this has the probability of being successful what is this ?
stage gate process
- develop & scope
- business case
- develop
- test and validate
- launch
the 5 stages of stage gate process
identify new business opportunities, generate and refine new product/service ideas
This is the 1st step in the stage gate process, what is it ?
develop and scope
validation of new product concepts via research, build financial forecasts and P&Ls
this is the 2nd step in the stage gate process, what is it ?
business case
design the product and process to commercialize the product
this is the 3rd stage in the stage gate process, what is it ?
develop
design the product and process to commercialize the product
this is the 4th stage in the stage gate process, what is it ?
test and validate
execute the production, marketing, and sales plans
begin the lifestyle management process
this is the 5th stage in the stage gate process what is it ?
launch
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
what is this ?
product
an item consumed in one or a few uses, such as food products and fuel
what is this ?
nondurable good
item that usually lasts over many uses, such as appliances, cars, and smartphones
what is this ?
durable goods
intangibles activities or benefits that an organization provides to satisfy consumers needs in the exchange for money or something else of value
what is this ?
services
products purchased by the ultimate consumer
what is this ?
consumer products
products organizations but that assist in providing other products for resale
what is this ?
business product
items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort
what is this ?
convenience products
items for which the consumer compares several alternatives on criteria such as price, quality, or style
wha is this ?
shopping products
