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| 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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| the intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange money or something else of value |
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| products purchased by the ultimate consumer. |
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| products organizations buy that assist in providing other products for resale. Also called B2B products or industrial products. |
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| items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort. |
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| items for which the consumer compares several alternatives on criteria, such as price, quality, or style. |
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| items that a consumer makes a special effort to search out and buy. |
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| items that the consumer either does not know about or knows about but does not initially want. |
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| a specific product that has a unique brand, size, or price. |
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| a group of product or service items that are closely related because 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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| consists of all of the product lines offered by an organization. |
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| a statement that, before product development begins, identifies: (1) a well-defined target market; (2) specific customers’ needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers. |
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| consists of the seven stages an organization goes through to identify business opportunities and convert them to salable products or services |
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| new-product strategy development |
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Definition
| the stage 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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| the stage of the new-product process that develops a pool of concepts to serve as candidates for new products, building upon the previous stage’s results. |
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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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| the stage of the new-product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections. |
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| the stage of the new-product process that turns the idea on paper into a prototype |
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| the stage of the new-product process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy. |
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Definition
| the stage of the new-product process that positions and launches a new product in full-scale production and sales. |
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