MGNT 350 EXAM 2
customer profile
a detailed description of an archetypical or hypothetical potential customer for a product or service, also called a customer persona
Prototype
the name given to the first model of a product or service
Product Development Process
the procedure to organize and pursue the creation of new goods or services
Customer development process
the procedure to organize and pursue the finding, obtaining and keeping of new customers
Marketing research
Systematic collection and interpretation of data to support future marketing decision
Idea generation/ source of business ideas
1st step of stages of new product development
Penetrated market
A marketing term that describes the actual number of customers of an operating firm, divided by the size of the target market, which gives a percentage of the market the firm has attained so far
Total available market
A marketing term that refers to all of the people or organizations who might consider a product or service being offered
Serviceable available market
A marketing term that refers to the customers within the geographic reach of a firm
Serviceable obtainable market
A marketing term that represents the customers that a firm expects to be interested in its particular product or service, and able to be serviced by the firm. Also called target market
Primary Research
An approach to researching based on the gathering of new information, using techniques such as interviewing, surveying and observation
Secondary Research
An approach to researching based on the use of existing information, often from a government, commercial, or academic databases and research efforts
Product development
Fourth step in stages of new product development -prototypes -test markets
4 P's of marketing
Product, Price, Promotion, Placement
Idea screening for business potential
Second step of stages of new product development -Objective fit, ROI ,standard product fit, market tends
Value proposition
Small business owners unique selling points that customers can expect from your goods or services, including benefits that differentiate your offering from those of the competition
Total Product
The entire bundle of products, services, and meaning of your offering; includes extras like service, warranty, or delivery, as well as what the product means to the consumer
Idea Evaluation/ Feasibility study
Third step in stages of new product development -concept testing -business analysis
Ethnographic research
data gathered by simple observation-- seeing what consumers do, rather than asking them
idea evaluation
exhaustive process of specifying the details of each idea's technological feasibility, its cost how it can be marketed, and its market potential
Commercialization
fifth step in stages of new product development -marketing plan -production -market introduction