Chapter 10 Flashcards
(21 cards)
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.
business analysis
Products organizations buy that assist in providing other products for resale.
business products
Also referred to as “B2B Products” or industrial products
business products
The stage of the new product process that positions and launches a new product in full-scale production and sales.
commercialization
Products purchased by the ultimate consumer.
consumer products
Items that the consumer purchases frequently, conveniently, and with a minimum shopping effort.
convenience products
The stage of new product process that turns the ideas on paper into a prototype.
development
The stage of new product process that develops a pool of concepts to serve as candidates for new products, building upon the previous stage’s results.
idea generation
The stage of the new product process that exposes actual products to prospective consumers under realistic conditions to see if they will buy.
market testing
The seven stages an organization goes through to identify business opportunities and convert them into salable products or services.
new-product process
The stage of the new-product process that defines the role for a new product in terms of the firm’s overall objectives.
new-product strategy development
A 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.
product
A specific product that has a unique brand, size, or price.
product item
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.
product line
Consists of all of the product lines offered by an organization
product mix
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 customers.
protocol
The stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort.
screening and evaluation
Intangible activities or benefits that an org provides to satisfy consumers’ needs in exchange for money or something else of value.
services
Items the consumer compares several alternatives on criteria, such as price, quality, or style.
shopping products
Items that a consumer makes a special effort to search out and buy.
speciality products
Items that the consumer does not know about or knows about but does not initially want.
unsought products
