Chapter 8:
Attributes – include features, functions, benefits, and uses of a product; marketers view
products as a bundle of attributes that includes the packaging, branding, name, benefits,
and supporting features in addition to a physical good
Good – a tangible product that we can...
MKT 3210 Exam 3 VOCAB
STUDY GUIDE
Chapter 8:
Attributes – include features, functions, benefits, and uses of a product; marketers view
products as a bundle of attributes that includes the packaging, branding, name, benefits,
and supporting features in addition to a physical good
Good – a tangible product that we can see, ouch, smell, hear, or taste
Core product – all the benefits the product will provide for consumers or business
customers
Actual product – the physical good or the delivered service that supplies the desired
benefit
Augmented product – the actual product plus other supporting features such as a
warranty, credit, deliver, installation, and repair service after the sale
Durable goods – consumer products that provide benefits over a long period of time,
such as cars, furniture, and appliances
Nondurable goods- consumer products that provide benefits for a short time because
they are consumed or are no longer useful
Convenience product – a consumer good or service that is usually low prices, widely
available, and purchased frequently with a minimum of comparison and effort
Staple products – basic or necessary items that are available almost everywhere
Consumer packaged good (CPG) – or fast-moving consumer goods (FMCG); a low
cost good that is consumer quickly and replaced frequently
Impulse products – a product people often buy on the spur of the moment
Emergency products – products we purchase when we’re in dire need
Shopping products – goods or services for which consumers spend considerable time
and effort gathering information and comparing alternatives before making a purchase
Specialty products – goods or services that have unique characteristics and are important
to the buyer and for which he or she will devote significant effort to acquire
Unsought products – goods or services for which a consumer has little awareness or
interest until the product or a need for the product is brought to his or her attention
Equipment – expensive goods that an organization uses in its daily operations that last
for a long time
Maintenance, repair, and operating (MRO) products – goods that a business customer
consumes in a relatively short time
Raw materials – products of the fishing, lumber, agricultural, and mining industries that
organizational customers purchase to use in their finished products
Processed materials – products created when firms transform raw materials from their
original state
, Specialized services – services that are essential to the operation of an organization but
are not part of the production of a product
Component parts – manufactured goods or subassemblies of finished items that
organizations need to complete their own products
Innovation – a product that consumers perceive to be new and different from existing
products
Creativity – a phenomenon whereby something new and valuable is created
Continuous innovation – a modification of an existing product that sets one brand apart
from its competitors
Knockoff – a new product that copies, with slight modification, the design of an original
product
Dynamically continuous innovation – a change in an existing product that requires a
moderate amount of learning or behavior change
Discontinuous innovation – a totally new product that creates major changes in the way
we live
Convergence – the coming together of two or more technologies to create a new system
with greater benefits than its separate parts
Research and development (R&D) – a well-defined and systematic approach to how
innovation is done within the firm
New product development (NPD) – the phases by which firms develop new products,
including idea generation, product concept development and screening, marketing
strategy development, business analysis, technical development, test marketing, and
commercialization
Idea generation (ideation) – a phase of product development in which marketers use a
variety of sources to come up with great new product ideas that provide customer benefits
that are compatible with the company mission
Value co-creation – the process by which benefits-based value is created through
collaboration participation y customers and other stakeholders in the new product
development process
Product concept development and screening – the second step of product development
in which marketers test product ideas for technical and commercial success
Technical success – indicates that a product concept is feasible purely from the
standpoint of whether or not it is possible to physically develop it, regardless of whether
it is perceived to be commercially viable
Commercial success – indicates that a product concept is feasible from the standpoint of
whether the firm developing the product believes there is or will be sufficient consumer
demand to warrant its development and entry into the market
Business analysis – the step in the product development process in which marketers
assess a product’s commercial viability
Technical development – the step in the product development process in which
company engineers refine and perfect a new product
Prototypes – test versions of a proposed product
Patent – a legal mechanism to prevent competitors from producing or selling an in
invention, aimed at reducing or eliminating competition in a market for a period of time
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