Term
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Definition
| A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. |
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Definition
The Core product
Supporting Products
Facilitating Products |
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Definition
| What the buyer is really buying |
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Definition
| Good or services that must be present for the guest to use the core product. |
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Definition
| Extra products offered to add value to the core product & help differentiate it from the competition. |
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Definition
| The additional consumer services & benefits built around the actual product. |
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Term
| Customer interaction with the service delivery system |
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Definition
--Joining Stage
--Consumption Phase
--Detachment phase |
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Definition
| Customer makes the initial inquiry contact |
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Term
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Definition
| takes place when the service is consumed |
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Term
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Definition
| when the customer is through using a product & departs. |
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Term
| Customer interaction w/ other customers |
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Definition
| Hospitality organizations must manage the interaction of customers to ensure that some do not negatively affect the experience of others |
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Definition
---Increase Capacity
---Improve customer satisfaction
---Reduce costs |
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Term
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Definition
| A brand is a name, term, sign symbol, design, or a combination, of these elements that is intended to identify the goods or services of a seller & differentiate them from competitors. |
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Term
| Conditions Support Branding |
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Definition
--Product is easy to identify
--Perceived as best value for the price
--Quality & standards are easy to maintain
--The demand for the product class is large enough to support a regional, national or international chain
--There are economies of scale |
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Term
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Definition
--Product is born
--Passes through several phases
--Eventually dies as younger products come along that better serve consumer needs. |
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Term
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Definition
--Idea Generation
--Idea Screening
--Concept development & testing
--Marketing Strategy development
--Business Analysis
--Product Development
--Market Testing
--Commercialization |
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Term
| Concept development & Testing |
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Definition
---Product Idea
---Product Concept
---Product Image |
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Term
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Definition
| Envisions a possible product that company managers might offers to the market. |
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Definition
| detailed version of the idea stated in meaningful consumer terms. |
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Definition
| the way that consumers picture an actual or potential product. |
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Term
| Concept Development & Testing |
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Definition
---Develop an idea into alternative product & concepts, determine how attractive each is to customers, and choose the best one.
---Concept testing occurs within a group of target consumers. |
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Term
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Definition
| the target market & product positioning as well as both short & long term projections in terms of sales, profit & costs. |
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Term
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Definition
Company must make four decisions when launching new products.
---When, Where, how, to whom? |
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Term
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Definition
| involves a review of the sales, costs, & profit projections to determine whether they satisfy the company objectives. |
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Term
| Product development through acquisition |
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Definition
| A method of product development that reduces the risk considerably for large companies that have the assets to purchase & then develop a fledgling chain |
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Term
| Product life cycle strategies |
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Definition
--Product Development
--Introduction
--Growth
--Maturity
--Decline |
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Term
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Definition
---A period of slow sales growth as the product is being introduced into the market.
---Profits are non-existent at this stage due to high product introduction expense. |
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Term
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Definition
| A period of rapid market acceptance and increasing profits. |
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Definition
| Period of slowdown in sales growth because the product has achieved acceptance by most of its potential buyers. |
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Definition
| Period when sales fall off quickly & profit drop. |
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Definition
| The ideal method of removing an unpopular or unprofitable product; it enables a product to be removed in an orderly fashion. |
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Term
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Definition
| Removing a product after existing stock has been depleted. |
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