Marketing Chaoters 9-12

product

tangible attributes

service

tangible attributes thay contribute

consumer products

products purchased by an ultimate consumer

business products

also known as b2b; product organizations that assist in providing products for resale

convenience products

items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort

shopping products

items for which the consumer compares several alternatives on criteria such as price, quality or style

specialty products

items that the consumer makes a special effort to search out and buy

unsought products

items that the consumer does not know about or knows about but does not initially want

what are the 4 I’s of services?

1. intangibility

2. inconsistency

3. inseparability

4. inventory

intangibility

tend to be more of a performance rather than an object, making it more difficult to evaulate

inconsistency

services quality that varies with each person’s capabilities

inseparability

when the consumer cannot distinguish the service provider from the service itself

inventory

costs that are being handled when it comes to storage, perishability, and movement

ide production capacity

when the service provider is available but there isn’t a demand for the service

gap analysis

1. reliability

2. tangibility

3. responsiveness

product item

is a specific product that has a unique brand. size or price

product line

is a group of product or service items that are closely related because they satisfy needs, are used together, and are sold/distributed to the same people

product mix

consists of all the product lines offered by an organization

feature bloat

is the tendency for product developers to add functions or features in order to increase the price

feature fatigue

occurs because “consumers tend to choose overly complex products that doesn’t satisfy their usage of it”

continuous innovations

products where consumers don’t need to learn new behaviors

• Ex: toothpaste

dynamically continuous innovation

products where only minor changes are required

• the Swiffer mop

discontinuous innovation

making the consumer learn new consumption patterns to use a product

• Alexa

protocol

statement that defines target market, consumer likes, and what services the product would do to satisfy

open innovation

consists of practices and processes that encourage the use of external + internal ideas used to collaborate to market

new product development process

the 7 stages an organization goes through to identify opportunities and convert them into products or services

new product strategy