Term
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Definition
Good quality at a fair price. When consumers calculate
the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs |
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Term
| Best way to compete in global market |
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Definition
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Term
| Define: Distributed product development |
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Definition
Handing off various parts of your innovation process-
often to companies in other countries . |
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Term
| Define: total product offer |
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Definition
| Everything that consumers evaluate when deciding whether to buy something; also called a Value package. |
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Term
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Definition
| A group of products that are physically similar or are intended for a similar market. |
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Term
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Definition
the combination of all product lines offered by a
manufacturer |
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Term
| Define: product differentiation |
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Definition
| The creation of real or perceived product differences. |
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Term
| Define: convenience goods and services |
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Definition
| Products that the consumer wants to purchase frequently and with a minimum of effort. |
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Term
| Define: shopping goods and services |
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Definition
Those products that the consumer buys only after
comparing value, quality, price, and style from a variety of sellers. |
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Term
| Define: specialty goods and services |
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Definition
| Consumer products with unique characteristics and brand identity. Because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them. |
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Term
| Define: unsought goods and services |
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Definition
Products that consumers are unaware of, haven't
necessarily thought of buying, or find that they need to solve an unexpected problem. |
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Term
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Definition
| Products used in the production of other products. Sometimes called business goods or B2B goods. |
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Term
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Definition
| major capital equipment such as new factories and heavy machinery |
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Term
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Definition
| expensive products that last a long time |
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Term
| Define: Accessory equipment |
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Definition
| capital items that are not quite as long-lasting or expensive as installation |
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Term
| Packages must perform the following functions: |
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Definition
1. Attract the buyer's attention.
2. Protect the goods inside, stand up under handling and storage, be tamperproof, and deter theft.
3. Be easy to open and use.
4. Describe and give information about the contents.
5. Explain the benefits of the good inside.
6. - Provide information on warranties, warnings, and other consumer matters.
7. Give some indication of price, value, and uses.
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Term
| Fair Packaging and Labeling Act |
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Definition
| passed to give consumers much more quantity and value information on product packaging. |
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Term
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Definition
| Packaging strategy which combines goods and/or services for a single price |
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Term
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Definition
| a name, symbol, or design that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors |
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Term
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Definition
| a brand that has exclusivelegal protection for both its brand name and its design. |
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Term
| manufacturers' brands
vs.
Dealer Brands |
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Definition
represent manufacturers that distribute products nationally
Ex:Xerox, Kodak, Sony, and Dell, for example.
Dealer (private-label) brands are products that don't carry the manufacturer's name buy carry a distributor or retailer's name instead. Kenmore and Diehard are dealer brands sold by Sears |
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Term
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Definition
| the name for a whole product category |
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Term
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Definition
| nonbranded products that usually sell at a sizable discount compared to national or private-label brands |
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Term
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Definition
| illegal copies of national brand-name goods |
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Term
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Definition
| the value of the brand name and associated symbols |
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Term
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Definition
| the degree to which customers are satisfied, like the brand, and are committed to further purchases |
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Term
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Definition
| how quickly or easily a given brand name comes to mind when someone mentions a product category |
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Term
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Definition
| when companies tried to boost their short-term performance by offering coupons and price discounts to move goods quickly |
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Term
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Definition
| linking of a brand to other favorable images, like famous product users, a popular celebrity, or a particular geographic area |
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Term
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Definition
| A manager who has direct responsibility for one brand or one product line; called a product manager in some firms. |
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Term
| Define: Product screening |
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Definition
| reduces the number of new-product ideas a firm is working on at any one time so it can focus on the most promising. |
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Term
| Generating New Products Process |
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Definition
Idea Generation
Product Screening
Product Analysis
Development
Testing
Commercialization |
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Term
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Definition
| making cost estimates and sales forecasts to get a feeling for the profitability of new-product ideas |
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Term
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Definition
| Taking a product idea to consumers to test their reactions |
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Term
| Define: Commercialization |
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Definition
Promoting a product to distributors and retailers to get wide distribution, and developing strong advertising and sales campaigns to generate and
maintain interest in the product among distributors and consumers. |
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Term
| 4 stages of product life cycle |
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Definition
introduction
growth
maturity
decline |
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