TAMKT CHAP 7

Product

Is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. Products include more than just tangible objects, such as cars, clothing, or mobile phone

Consumer product

Are products and services bought by final consumers for personal consumption

Convenience product

Are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort

Shopping products

Are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price and style

Unsought products (sản phẩm phục vụ cho nhu cầu thụ động)

Are consumer products that a consumer either does not know about or knows about but does not normally consider buying

Speciality products

Are consumer products and services with unique characteristic or brand identifications for which a significant group of buyers is willing to make a special purchase effort

Industrial products

Are those products purchased for further processing or for use in conducting a business

Services

Are form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything

Product attributes

These benefits are communicated and delivered by products attributes such as quality, features, and style and design

Product quality

The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs

Product features

Are a competitive tool for differentiating the company’s product from competitors’ products

Brand

A name, term, sign, symbol, design, or a combination of theses, that identifies the products or sellers and differentiates them from those of competitors

Packaging

The activities of designing and producing the container or wrapper for a product

Product line

A group of products that are closely related because they function in a similar manner, are sold for the same customer groups, are marketed through the same types of outlets, or fall within given price ranges

Product mix (product portfolio)

The set of all product lines and items that a particular seller offers for sale. A company’s product mix has four important dimension: width, length, depth, and consistency

New product development

The development of original products, products improvements, and new brand through the firm’s own product development efforts

Idea generation

The systematic search for new product ideas

Crowdsourcing (trưng cầu ý kiến)

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 (sàng lọc ý tưởng)

Screening new product ideas to spot good ones and drop poor ones as soon as possible

Product concept

A detailed version of the new product idea stated in meaningful consumer terms

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

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

Product life cycle (PLC)

The course of a product’s sales and profits over its lifetime

Introduction stage

The PLC stage in which a new product is first distrbuted and make available for purchase

Growth stage

The PLC stage in which a product’s sales start climbing quickly. Attracted by the opportunities for profit, new competitors will enter the market

Maturity stage

The PLC stage in which a product’s sales growth slows or levels off

Decline stage

The PLC stage in which a product’s sales fade away

Brand equity

It’s a measure of the brand’s ability to capture consumer preference and loyalty. Brand equity is the different effect that knowing the brand name has on customer response to the product and its marketing

Brand value

The total financial value of a brand

Brand image

The set of beliefs, ideas and impression that a person holds regarding an object

Manufacturer’s brand

The brand mane of a manufacturer

Brand loyalty

The extent of consumer faithfulness towards a specific brand and this faithfullness repeat purchases and other positive behaviors such as word of mouth advocacy, irrespective of the marketing pressure generated by the other competing brands

Store brand (or private brand)

A brand created and owned by a reseller of a product or service

Co-branding

The practice of using the established brand manes 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