Marketing and Product Development
Open-ended question
A question that allows respondents to express themselves as they choose
Dichotomous question
A question that has only two possible choices
Categorical question
A question that is answered by selecting the proper category
Marketing research
Systematic collection and interpretation of data to support future marketing decisions
Inseparability
A quality of a service in which it cannot be disconnected from the provider
Perishability
A quality of a service in which it cannot be saved for later use
Pivot
A change of direction in the thinking of an entrepreneur or a firm
Customer profile
A detailed description of a potential customer for a product or service
Influencer
A person or group who can make suggestions or recommendations to others regarding purchase choices
Heterogeneity
A quality of a service in which each time it is provided it will be slightly different
Testimonial
A statement made that is allowed to be publicly repeated and attributed to the person that made it
Total available market (TAM)
All the people or organizations who might consider a product or service being offered
Services
Nonphysical products
Goods
Physical products
Me-too products
Products essentially similar to something already on the market
Scaler questions
Questions that ask respondents to rate something on a scale of 1 to 5
Primary research
Research based on the gathering of new information
Secondary research
Research based on the use of existing information
Core product
The basic description of what a product is
Prototype
The first model of a product or service
Target market
The group of customers in the area you plan to serve who would be likely to be interested in your product
Purchaser
The individual or institution that pays for or obtains a product or service
4 Ps of marketing
The major components of a marketing effort: product, price, promotion, and placement
U.S. Patent Office
The office that issues patents
Marketing
The overall goal of laying out the best way to get sales
End user
The person who eventually makes actual use of a product or service
Feedback
The process of communicating within or to the organization about how the outputs worked or were received
Market segmentation
The process of dividing the market into groups that have somewhat homogeneous needs for a product or service
Idea screening
The process of selecting the most promising ideas to be further evaluated for feasibility
Product life cycle
The stages a product goes through: introduction, growth, maturity, and decline