Mktg 2

anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need

any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything 

what the consumer is really buying 

includes the brand name, features, design, packaging, and quality level

additional services and benefits such as deliver and credit, instructions, installation, warranty, and service

a specific product that has a unique brand, size, or price

a unique identification number that defines an item for ordering or inventory purposes

a group of product or service items that are closely related because they satisfy a class of needs, are distributed thru the same outlets, are used together, fall within a given price range, or are sold to the same customers

all the product lines offered by an organization

items purchased for further processing or for use in conducting business

distinction between consumer and industrial products is based on

products and services bought by final consumers of personal consumption

types of consumer goods

purchased frequently and immediately with little comparison shopping, low priced, mass advertising and promotion

convenience goods generally deal with what type of distribution

bought less frequently, more planning and effort, brand comparisons on basis of price, quality, style, higher price, selective distribution in few purchase locations

strong brand preference and loyalty, special purchasing effort, littler comparison shopping, high price, carefully targeted promotion by both producer and reseller

specialty products generally deal with what type of distribution

little product awareness or knowledge of the brand, sometime negative interest, pricing and distribution strategies vary, aggressive advertising and personal selling

types of industrial goods

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

pioneering products so new that no previous product performed an equivalent function, they necessitate new consumption or usage patterns

represent changes and improvements that do not strikingly change buying and usage patterns, they constitute mid range of the continuum of newness

on going, common place changes such as minor product alterations or imitative products

defines the role for a new product in terms of the firms overall objectives, firm uses both swat analysis and environmental scanning

second step of new product development process, includes internal and external sources

step 3: process used to spot good ideas and drop poor ones, provide description of product, evaluated against set of company criteria

step 4: involves a review of the sales, costs, and profit projections to assess fit with company objectives

step 5: develops concept into physical product, calls for a large jump in investment, prototypes are made and are subject to tests

step 6: product and program are introduced in a more realistic market setting

three major test marketing decisions to be make

types of tests

test that is generally a good predictor but costly, time consuming, and visible

test that is less costly and less time consuming but generally not as accurate

test where you set up a simulated retail store and have people shop

step 7: must decide on timing, where to introduce the product, and develop a market rollout

 the innovation adoption spreads among a population, this is called

stages in adoption process

are first to buy and typically described as venturesome, younger, well educated, financially stable, and willing to take risks

are local opinion leaders who read magazine and who are integrated into the social system ore than the average consumer

solid, middle class consumers who are more deliberate and cautious

described as older, more conservative, traditional, and skeptical of new products

resist change, conservative, like tradition, often older and lower in socioeconomic status

product characterisitcs that influence the rate of adoption

a name, term, sign, symbol or design or a combination of them intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competition

the element of the brand that can be vocalized

the element of the brand that cannot be vocalized

a brand or part of a brand that is registered with the us patent and trademark office

the trademark for services

brand types

types of sponsor brands

the intangible value of a company beyond its physical net assets

functions of packaging

refers to printed information appearing on or with the package, identifies product or brand

existing product category and existing brand name, introduction of additional items in a given product category under the same brand name

new product category and existing brand name, using a successful brand name to launch a new or modified product in a new category

existing product category and new brand name, offers a way to establish different features and appeal to different buying motives

new product category and new brand name, developed based on belief that the power of its existing brand is waning and a new brand name is needed, also used for products in new product category

statement indicating the liability of the manufacturer for product deficiencies

written or verbal statements of liabilities

specifically states the bounds of coverage and areas of non coverage

warranty that has no limits of non-coverage

assign responsibility for product deficiencies to the manufacturer

a manufacturer is liable for any product defect, whether it be followed by reasonable research standards or not