Term Good Attributes Core product Actual product Augmented product Durable goods Nondurable goods Convenience product Staple products Impulse products Emergency products Shopping products Intelligent agents Specialty products Unsought product Equipment Maintenance repair and operating product MRO Raw materials Definitions The tangible products that we can see touch smell hear or taste Include features functions benefits and uses of a product Marketers view products as a bundle of attributes that includes the packaging brand name benefits and supporting features in addition to a physical good All the benefits the product will provide for consumers or business customers The physical good or the delivered service that supplies the desired benefit The actual product plus other supporting features such as warranty credit delivery installation and repair service after the sale Consumer products that provide benefits over a long period of time such as cars furniture and appliances High involvement decisions Consumer products that provide benefits for a short time because they are consumed or a no longer useful Low involvement decisions A consumer good or services that is usually low priced widely available and purchased frequently with a minimum of comparison and effort Basic or necessary items that are available almost everywhere A product people often buy on the spur of the moment Products we purchase when we re in dire need Goods or services for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase Computer programs that find sites selling a particular product Goods or services that has unique characteristics and is important to the buyer and for which she will devote significant effort to acquire Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to her attention Expensive good that an organization uses in its daily operations that last for a long time Goods that a business customer consumer in a relatively short time Product of the fishing lumber agricultural and mining industries that organizational customers purchase to use in their finished products Processed materials Component parts Continuous innovation Knockoff Dynamically continuous innovation Discontinuous innovation Convergence New product development NPD Idea generation Product concept development and screening Business analysis Technical development Prototypes Patent Test marketing Commercialization Product adoption Diffusion Tipping point Products created when firms transform raw material from their original state Manufactured goods or subassemblies of finished items that organizations need to complete their own products A modification of an existing product that sets one brand apart form its competitors A new product that copies with slight modification the design of an original change A change in an existing product that requires a moderate amount of learning or behavior change A totally new product that creates major changes in the way we live The coming together of two or more technologies to create a new system with greater benefits than its separate parts The phases by which firms develop new products including idea generation product concept development and screening marketing strategy development business analysis technical development testing marketing and commercialization The first step of product development is which marketers brainstorm for products that provide customer benefits and are compatible with the company mission The second step of product development in which marketers test product ideas for technical and commercial success The step in the product development process in which marketers assess a product s commercial viability The step in the product development process in which company engineers refine and perfect a new product Test versions of a proposed product A legal mechanism to prevent competitors from producing or selling an invention aimed at reducing or eliminating competition in a market for a period of time Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter The final step in the product development process in which a new product is launched into the market The process by which a consumer or business customer begins to buy and use a new good service or idea The process by which the use of a product spreads throughout a population In the context of product diffusion the point when a product s sales spike from a slow clime to an unprecedented new level often accompanied by steep price decline A massive advertising campaign that occurs over a relatively short time frame A purchase made without any planning or search effort The first segment of a population to adopt a new product Those who adopt an innovation early in the diffusion process but after the innovators Those whose adoption of a new product signals a general acceptance of the innovation The adopters who are willing to try new products when there is little or no risk associated with the purchase when the purchase become an economic necessity or when there is social pressure to purchase The last consumers to adopt an innovation The degree to which a consumer perceives that a new product provides superior benefits The extent to which a new product is consistent with existing cultural values customs and practices The degree to which consumers find a new product or its use difficult to understand The ease of sampling a new product and its benefits How visible a new product and its benefits are to others who might adopt it Media blitz Impulse purchase Innovators Early adopters Early majority Late majority Laggards Relative advantage Compatibility Complexity Trailability Observability Chapter 9 Brand A name a term a symbol or any other unique element of a product that identifies one firm s product s and sets it apart from the competition Brand manager An individual who is responsible for developing and implementing the marketing plan for a single brand Brand equity The value of a brand to an organization Brand extensions A new product sold with the same brand name as a strong existing brand Brand meaning The beliefs and associations that a consumer has about the brand Brand storytelling Marketers seek to engage consumers with compelling stories about brands Cannibalization The loss of sales of an existing brand when a