ch. 10 marketing
Bad timing
...
Insignificant use of services
...
SQ's, UPC, ...
...
Knowlegable economy (Add info from book)
-ex: -Target figures out teen is pregnate before teens parents. -Ideas are currency
______ are items that become part of the final product.
Components
_________ is a way to gather an online community of supporters to financially rally around a specific project that is unlikely to get resources from traditional sources such as banks or venture capital firms.
Crowdfunding
__________ involves generating insights leading to actions based on ideas from massive numbers of people. It requires a precise question to focus the idea-generation process.
Crowdsourcing
Marketing mix
From old test def
Product mix
From old test def
Product depth line
Ex: Neeman Markus has women shoes that match every occasion and detail; hair, eye, skin color, etc. And makes sure their exact fit on both feet. (Made specificly for that buyer)
Product width line
Ex: Walmart lines because they sale a variety of items that all get bought through one line.
The stage of the new-product process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy. p. 262
market testing
A _________ involves making the consumer learn entirely new consumption patterns to use the product. - ex: bad ass tooth brush
discontinuous innovation
a ________ involving putting an established brand name on a new product in an unfamiliar market.
brand extension
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. p. 261
business analysis
Products organizations buy that assist in providing other products for resale. Also called B2B products or industrial products. p. 248
business products
The seven stages an organization goes through to identify opportunities and convert them into salable products or services. p. 256
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. p. 257
new-product strategy development
A _______ is one that usually lasts over many uses, such as appliances, cars, and smartphones.
durable good
A ______ is an item consumed in one or a few uses, such as food products and fuel.
nondurable good
With a ________ , only minor changes in behavior are required. -ex: microsoft 10 program
dynamically continuous innovation
Many firms obtain ideas externally using ____________ , in which they find and execute creative new-product ideas by developing strategic relationships with outside individuals and organizations.
open innovation
The stage of the new-product process that positions and launches a new product in full-scale production and sales. p. 263
commercialization
A ____ has tangible attributes that a consumer's five senses can perceive.
good
Products purchased by the ultimate consumer. p. 248
consumer products
With a _______ , consumers don't need to learn new behaviors.
continuous innovation
A _______ involves contracting the entire test program to an outside service.
controlled test market
Items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort. p. 249
convenience products
The process of managing the entire customer experience within the company. pp. 260, 314
customer experience management (CEM)
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. p. 257 -ex: parking lot app
idea generation
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. pp. 18, 248
product
A specific product that has a unique brand, size, or price. p. 250
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. Ex- brekfast line, dinner line, lunch like p. 250
product line
The lowest level, which usually involves the least risk, is a __________
product line extension.
Consists of all of the product lines offered by an organization. - whole range (brekfast,lunch, and dinner lines all at the same time) p. 250
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 consumers. p. 253
protocol
________ is a full-scale operating model of the product.
prototype
The stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort. p. 260
screening and evaluation
Intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value. -about 50% of this is our economy pp. 248, 300
services
Items that the consumer makes a special effort to search out and buy. p. 249
specialty products
In a _____, a company develops a product and then attempts to sell it through normal distribution channels in a number of test-market cities.
standard test market
Items that the consumer does not know about or knows about but does not initially want. p. 249
unsought products
The stage of the new-product process that turns the idea on paper into a prototype. p. 261
development
Items for which the consumer compares several alternatives on criteria such as price, quality, or style. p. 249
shopping products
To save time and money, companies often turn to _______, a technique that somewhat replicates a full-scale test market.
simulated (or laboratory) test markets (STM)
