MKTG Ch. 8
Terms
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- early adopters
- Those who adopt an innovation early in the diffusion process but after the innovators.
- business analysis
- The step in the product development process in which marketers assess a product's commercial viability.
- convenience product
- A consumer good or service that is usually low priced, widely available, and purchased frequently with a minimum of comparison and effort.
- processed materials
- Products created when firms transform raw materials from their original state.
- laggards
- The last consumers to adopt an innovation.
- discontinuous innovation
- A totally new product that creates major changes in the way we live.
- commercialization
- The final step in the product development process in which a new product is launched into the market.
- technical development
- The step in the product development process in which a new product is refined and perfected by company engineers and the like.
- impulse purchase
- A purchase made without any planning or search effort.
- early majority
- Those whose adoption of a new product signals a general acceptance of the innovation.
- durable goods
- Consumer products that provide benefits over a long period of time, such as cars, furniture, and appliances.
- convergence
- The coming together of two or more technologies to create a new system with greater benefits than its parts.
- innovation
- A product that consumers perceive to be new and different from existing products.
- shopping product
- A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase.
- specialized services
- Services purchased from outside suppliers that are essential to the operation of an organization but are not part of the production of a product.
- diffusion
- The process by which the use of a product spreads throughout a population.
- knockoff
- A new product that copies with slight modification the design of an original product.
- specialty products
- A good or service that has unique characteristics and is important to the buyer and for which the buyer will devote significant effort to acquire.
- continuous innovation
- A modification of an existing product that sets one brand apart from its competitors.
- prototypes
- Test versions of a proposed product.
- good
- A tangible product that we can see, touch, smell, hear, or taste.
- test marketing
- Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter,
- product concept development and screening
- The second step of product development in which marketers test product ideas for technical and commercial success.
- component parts
- Manufactured goods or subassemblies of finished items that organizations need to complete their own products.
- nondurable goods.
- Consumer products that provide benefits for a short time because they are consumed(such as food) or are no longer useful(such as newspapers).
- unsought products
- Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention.
- dynamically continuous innovation
- A change in an existing product that requires a moderate amount of learning or behavior change.
- maintenance, repair, and operating products
- Goods that a business customer consumers in a relatively short time.
- equipment
- Expensive goods that an organization uses in its daily operations that last for a long time.
- raw materials
- Products of the fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their finished products.
- innovators
- The first segment (roughly 2.5%) of a population to adopt a new product.
- idea generation
- The first step of product development in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission.