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48 Cards in this Set
- Front
- Back
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Define New Product? |
A product new to the world, a market and/or producer or seller |
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What are the 6 categories of New Products? |
Discontinuous Innovations - New Product Lines Additions to Existing Product Lines Improvements of Existing Products Repositioned Products Lower Priced Products |
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What are the 7 steps on the New-Product Development Process? |
1) New Product Strategy 2) Idea Generation 3) Idea Screening 4) Business Analysis 5) Development 6) Test Marketing 7) Commercialization |
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What is a New Product Strategy? |
A plan that links the new product development process with the objectives of the marketing department, business unit and company |
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What is Product Development? |
A marketing strategy that entails the creation of new products for current customers. |
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What is idea Screening? |
The elimination of ideas that are inconsistent with the organization's new-product strategy. |
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What is a concept test? What can they predict? What can they not? |
Evaluation of a new product idea, usually before a prototype. |
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What is Business Analysis? |
Second stage of screening. Preliminary figures for demand, cost, sales and profitability are calculated. |
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What is Business Analysis? |
Second stage of screening. Preliminary figures for demand, cost, sales and profitability are calculated. |
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What happens in the Development stage of Product Development ? |
A prototype is created and a marketing strategy is outlined. |
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What is Test Marketing? |
The limited introduction of a product and marketing program to determine the reaction of potential markets and customers. |
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What is commercialization? |
The decision to market a product. |
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What is Diffusion? |
The way in which the adoption of an innovation/product spreads. |
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What are the 5 types of adopters? |
Innovators Early Adopters Early Majority Late Majority Laggards |
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What are the 4 stages of Product Life Cycle? |
Introductory Growth Maturity Decline |
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What is a search quality? |
A characteristic that can easily be assessed before purchase. |
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What is an experience quality? |
A characteristic that can only be assessed after use. |
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What is a credence quality? |
A characteristic that is difficult to assess even after purchase. |
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What are the 4 I's of Service? |
Intangibility Inseperability Inconsistency Inventory |
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What are the 5 Gaps of Service? |
Knowledge Gap Standards Gap Delivery Gap Communication Gap Expectation Gap |
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What are Supplementary Services? |
Services that support or enhance the core service. |
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What is Mass Customization? |
The use of technology to deliver customized services on a mass basis. |
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What are the 8 P's of Service? |
Process People Place Physical Evidence Promotion Price Productivity |
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What is internal marketing? |
Treating employees as customers and developing benefits and systems that satisfy their needs. |
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What is internal marketing? |
Treating employees as customers and developing benefits and systems that satisfy their needs. |
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What is Revenue? |
The price of product x number of units sold |
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What is Return on Investment? |
Net Profit divided by investment. |
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What is Elastic Demand? |
When changes in price affects demand. |
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What is Inelastic Demand? |
Changes in price have little to no effect on demand. |
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What is Price Skimming? |
A high introductory price. |
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What is penetration pricing? |
Charging a relatively low price to reach the mass market. |
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What is an experience curve? |
Costs drop as a company's experience increases. |
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What is a base price? |
The general price level at which the company expects to sell its goods. |
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What is Price lining? |
Offering a product line with several items at specific price points. |
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What is resale price maintenance? |
When a producer attempts to control a retailers price for the product. |
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What is Predatory Pricing? |
Charging a low price with the intent of driving competitors out of business. |
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What is quantity discrepancy? |
The difference between the amount produced and the amount end-users wish to buy. |
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What is assortment discrepancy? |
The lack of all the items a customer needs to receive full satisfaction from a product. |
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What is a temporal discrepancy? |
A product is produced but a a costumer is not ready to buy it. |
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What is a strategic channel alliance? |
Cooperative agreements between firms to use one of the manufacturer's already established distribution channels. |
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What is coverage (distribution)? |
Ensuring product availability in every outlet where potential customers might want to buy it. |
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What is channel power? |
A channel member's capacity to control the behaviour of other members. |
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What is channel control? |
Whe one channel member intentionally affects another member's behaviour. |
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What is electronic data interchange (EDI)? |
Technology which replaces paper documents that usually accompany transactions (I. E. Orders, invoices, etc.) |
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What is Gross Margin? |
The amount of money made as a percentage of sales after the cost of goods is sold. |
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What is s rambled merchandising? |
The offering of a wide variety of nontraditional goods under one roof. |
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What is Mass merchandising? |
Retailing strategy that uses moderate to low prices on large quantities to stimulate high turnover. |
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What is a category killer? |
Specialty discount stores that dominate their market. |
