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BCOR 2400: EXAM 2
Product
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is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value.
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Nondurable good
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is an item consumed in one or a few uses, such as food products and fuel
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Durable good
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one that usually lasts over many uses, such as appliances, cars, and mobile phones
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Services
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are intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value
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Core Product
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The benefit being offered
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Marketing myopia
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is when you don’t market the core benefit of your service/product. For example, the railroads didn’t grasp that they were in the transportation business, not just railroad
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Actual product
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brand name, package, styling, features, quality
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Augmented product
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installation, credit, delivery, warranted
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convenience product
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items that consumer purchases frequently, conveniently, and with a minimum of shopping effort
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Shopping products
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items for which the consumer compares several alternatives on criteria such as price, quality, or style
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Speciality products
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items that the consumer makes a special effort to search out and buy
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Unsought products
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items that the consumer does not know about or knows about but does not initially want
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Product Item
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is a specific product that has a unique brand, size, or price
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Product line
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a group of products or service items that are closely related
-they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range
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Product mix
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All the product lines offered by a firm
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Product classifications
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1. level of tangibility
2. Consumer vs industrial
3. Classification of Consumer products
-Convenience
-Shopping
-Specialty
-Unsought
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Intangibility
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a restaurant meal falls between the tangible/intangible category
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Inconsistency
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your barber is having a bad day so you get a bad haircut
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Inseparability
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You can’t take a flight without getting on the plane
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Inventory
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Lack there of
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Reasons why new products fail
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· Insignificant point of difference
· Incomplete market and product definition before product development starts
· Too little market attractiveness
· Poor execution of the marketing mix
· Poor product quality, or sensitivity to consumer needs on critical factors
· Bad timing
· No economical access to buyers
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Newness from the Consumer’s Perspective
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1. Continuous Innovation
2. Dynamically continuous innovation
3. discontinuous innovation
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New-product strategy development
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is the state of the new product process that defines the role for a new product in terms of the firm’s overall objectives
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Idea generation
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is the stage of the new-product process that develops a pool of concepts as candidates for new products, building upon the previous stage’s results
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Screening and evaluation
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the stage of the new-product process that internally and externally evaluates new product ideas to eliminate those that warrant no further effort
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Business analysis
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specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections
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Development
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is the stage of the new-product process that turns the idea on paper into a prototype
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Market testing
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is the stage of the new-product process that involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy.
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Commercialization
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the stage of the new-product process that positions and launches a new product in full-scale production and sales
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