Marketing Chapter 8

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What product layer might include a​ warranty, credit,​ delivery, installation, and repair service after the sale because marketers know that adding these supporting features to a product is an effective way for a company to stand out from the​ crowd?

Augmented product

What refers to a consumer product that is usually​ low-priced, widely​ available, and purchased frequently with a minimum of comparison and​ effort?

Convenience product

Which of the following refers to a product innovation that requires consumers to learn a great deal to be able to effectively use the product because no similar product has ever been on the​ market?

Discontinuous innovation

What refers to the products an organization uses in its daily​ operations, such as the robotics Ford uses to assemble​ automobiles?

Equipment

In the adoption pyramid, what stage refers to when consumers weight the costs and benefits of the new product?

Evaluation

Who are the Innovators within the Adopters?

Extremely adventurous and well-educated individuals

Which of the following is a question a firm would ask when evaluating the​ firm's strategy on an innovation​ scorecard?

How aware are organization members of the​ firm's goals for​ innovation?

Value​ co-creation occurs in what phase of the new production development​ process?

Idea generation

What is Attributes of a product?

Include features, functions, benefits, uses of a product, as well as its brand and packaging

Who are the Early Majority within the Adopters?

Middle class; deliberate and cautious

Who are the Late Majority within the Adopters?

Older and conservative

What refers to products that organizational customers purchase to use in their finished​ products?

Raw materials

What is product adoption?

a consumer or business customer begins to buy and use a new good, service, or idea

What is a continuous innovation?

a modification to an existing product

What is a knockoff?

a new product that copies with slight modification, the design of an original product

What is an adoption pyramid?

a series of stages by which a consumer might adopt a NEW product or service

what is observability?

ability to see the new product and the benefits it provides

what is an innovation for marketers?

anything customers perceive as new or different. may be a minor or game changing alteration

what is the actual product?

appearance/quality of product

In the adoption pyramid, which step involves mass media?

awareness

What is a core product?

basic benefits

What is a staple product?

basic or necessary items that are available almost everywhere and most consumers don't perceive big differences among brands

Marketers estimate technical success when they decide whether a new product is technologically feasible and​ a(n) _____ success when they decide whether anyone is likely to buy the product.

commercial

Which of the following is the phase in the new product development process in which companies launch a new​ product, and it requires​ full-scale production,​ distribution, advertising, and sales​ promotion?

commercialization

Who are the Early Adopters within the Adopters?

concerned about social acceptance and media users

What is complexity?

consumers perceive a new product as difficult to understand and use

what is one of the most talked about forms of dynamically continuous innovation?

convergence

What are the three distinct "layers" that marketers distinguish of a product?

core product, actual product, and augmented product

what is the Augmented product?

customer support services/product-use instruction

What is the three types of innovation?

dynamically continuous, discontinuous, and continuous

What are unsought products?

goods and services for which a consumer has little awareness or interest until a need arises.

what is a dynamically continuous innovation?

is a pronounced modification to an existing product

What is relative advantage?

is the degree to which a consumer perceives a new product as offering superior benefits

what is compatibility?

is the extent to which an innovation is consistent with existing cultural values, customs, practices, and norms

Who are the Laggards within the Adopters?

lower education and income

What phase of the new product development process involves identifying the target​ market, estimating its​ size, and determining how the company can effectively position the product to address the target​ market's needs?

market strategy development

What is trialability?

refers to the ease of sampling a new product and its benefits

What does R&D stand for?

research and development

Tablet computers are an example of​ a(n) ________ because the consumer spends considerable time and effort gathering information and comparing alternatives before making a purchase.

shopping product

At what phase of the new product development process is a firm likely to create a prototype of the​ product?

technical development

What is convergence?

the coming together of two or more technologies to create a new system

what is a discontinuous innovation?

the product must create major change in the way people live

What is diffusion?

the use of a product or innovation spreads throughout a population


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