Chapter 10
Business Administration 150 with Unknown at University of Vermont
About this deck
By: Andrea Rhoads
Created: 2011-10-24
Size: 29 flashcards
Views: 9
Created: 2011-10-24
Size: 29 flashcards
Views: 9
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“I have used this website for three exams, and I see a huge difference in my test results.”
Naj
Naj
Sign up (free) to study this.
Product
a good, service or idea consisting of tingible and intangible features that satisfies a customer's needs and is received in exchange for money or soemthing else of value
Good
Has tangible attributes that a customer's five senses can percieve
Idea
a thought that leads to an action, such as a concept for a new invention or getting people out to vote
Services
intangible activities or benefits that an organization provides to satisfy consumer's needs in exchange for money or something else of value
Consumer Products
products purchased by the ultimate consumer
Business Products
products organizations buy that assist directly or indirectly in providing other 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
Derived Demand
sales of business products frequently result (or are derived) from the sale of consumer products. For example, as consumer demand for Ford cars (a consumer product) increases, the company may increase its demand for paint spraying equipment (a business product)
Stock Keeping Unit (SKU)
a unique identification number that defines an item for ordering or inventory purposes
Product Line
a group of products that are closely related because they are similar in terms of consumer needs and uses, market segments, sales outlets, or prices
Product Mix
all the product lines offered by a company
Four I's of Service
the four unique elements that distinguish services from goods: intangibility, inconsistency, inseparability, and inventory
Intangibility
services tend to be a performance rather than an object, which makes them much more difficult for consumers to evaluate
Inconsistency
services depend on the people who provide them; as a result, their quality varies with each person’s capabilities and day-to-day job performance
Inseparability
the consumer cannot distinguish the service provider from the service itself (example: excellent quality lectures at a university but don’t get assistance or help answering questions, overall experience is viewed as poor)
Inventory
goods have inventory handling costs that relate to their storage, perishability, and movement
Idle Production Capacity
when the service provider is available but there is no demand for the service (If a physician is paid to see patients but no one schedules an appointment, the idle physician’s salary must be paid regardless of whether the service was performed)
Goods-Services Continuum
organizations can offer a range of products from the tangible (goods-dominant) to the intangible (services-dominant).
Contonuous Innovation
consumers don’t need to learn new behaviors (toothbrushes)
Dynamically Continuous Innovation
only minor changes in behavior are required (new easy squeeze write with ketchup and mustard)
Discontinuous Innovation
involves making the consumer learn entirely new consumption patterns of the product (wireless routers)
Protocol
a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers’ needs, wants, and preferences; and (3) what the product will do.
Marketing Reasons for New Product Failures
1. Insignificant point of difference 2. No economical access to buyers 3. Incomplete market and product protocal before product development 4; Not satisfying customer needs on critical factors 5. Bad timing 6. Poor product quality 7. Too little marketing attractiveness 8. Poor execution of the marketing mix
Organizational Problems in New Product Failures
1. Not really listening to "the voice" of teh consumer 2. Skipping stages in the new product process 3. Pusing a poorly conceived product into the market to generate quick revenue 4. Encountering "groupthink" 5. Not learning critical takeaway lessons from past failures 6. Avoiding the "NIH" problem
New Product Process Steps
1. New-Product Strategy Development
2. Idea Generation
3. Screening and Evaluation
4. Business Analysis
5. Development
6. Market Testing
7. Commercialization
2. Idea Generation
3. Screening and Evaluation
4. Business Analysis
5. Development
6. Market Testing
7. Commercialization
Regional Rollout
introducing the product sequentially into geographical areas of the United States to allow production levels and marketing activities to build up gradually to minimize the risk of new product failure
About this deck
By: Andrea Rhoads
Created: 2011-10-24
Size: 29 flashcards
Views: 9
Created: 2011-10-24
Size: 29 flashcards
Views: 9
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“I have used this website for three exams, and I see a huge difference in my test results.”
Naj
Naj