week 4

• Product


  Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
• Service


  An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in a customer's ownership of anything
• Customer experience


  A market offering with a strong sensory or emotional component that plays out for the customer over time
• Consumer product


  A product bought by final consumers for personal consumption
• Convenience product


  A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort
• Shopping product


  A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style
• Specialty product


  A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
• Unsought product


  A consumer product that the consumer either does not know about or knows about but does not normally consider buying
• Industrial product


  A product bought by individuals and organizations for further processing or for use in conducting a business
• Social marketing


  The use of traditional business marketing concepts and tools to encourage behaviors that will create individual and societal well-being
• Product quality


  The characteristics of a product or service that bear on its ability to consistently and reliably satisfy stated or implied customer needs
• Brand


  A name, term, sign, symbol, or design, or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors
• Packaging


  Designing and producing the container or wrapper for a product
• Product line


  A group of products from a company that are closely related because they function in a similar manner, are sold to similar customer groups, serve similar customer needs, are marketed through the same types of outlets, or fall within given price ranges
• Product mix (or product portfolio)


  The set of all product lines and items that a seller offers for sale
• Service intangibility


  Services cannot be seen, tasted, felt, heard, or smelled before they are bought
• Service inseparability


  Services are produced and consumed at the same time and cannot be separated from their providers
• Service variability


  The quality of services may vary greatly depending on who provides them and when, where, and how they are provided
• Service perishability


  Services cannot be stored for later sale or use
• Service profit chain


  The chain that links customer satisfaction and profits for service firms with employee satisfaction
• Internal marketing


  Orienting and motivating customer- contact employees and supporting service employees to work as a team to provide customer satisfaction
• Interactive marketing


  Training service employees in the fine art of interacting with customers to satisfy their needs
• Brand equity


  The differential effect that knowing the brand name has on a customer's emotions, attitudes, and behaviors related to the product or its marketing
• Brand value


  The total financial value of a brand
• Store brand (or private label)

  A brand created and owned by a reseller of a product or service
• Co-branding


  The practice of using the established brand names of two different companies on the same product
• Line extension


  Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category
• Brand extension


  Extending an existing brand name to new product categories
• Chapter 9 Developing new product
• New product development


  The development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts
• Idea generation


  The systematic search for new product ideas
• Crowdsourcing


  Inviting broad communities of people— customers, employees, independent scientists and researchers, and even the public at large—into the new product innovation process
• Idea screening


  Screening new product ideas to spot good ones and drop poor ones
• Product concept


  A detailed version of the new product idea stated in terms that are meaningful to the consumer
• Concept testing


  Testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal
• Marketing strategy development


  Designing an initial marketing strategy for a new product based on the product concept
• Business analysis


  A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives
• Product development


  Developing the product concept into a physical product or a detailed service blueprint to ensure that the product idea can be turned into a workable market offering
• Test marketing


  The stage of new product development in which the product and its proposed marketing program are tested in realistic market settings
• Commercialization


  Introducing a new product into the market