product

a good/service that satisfies a want/need.

convenience goods
inexpensive, require little shopping effort.

shopping goods
products purchased after shoppers compare different stores.

specialty
unique products that take time and effort to obtain, no substitutions.

product line
an assortment of closely related products.

rented good services

payment for temporary use.

owned goods services

fees for service to property, such as auto maintenance.

non goods services

personal or professional services (hair, health care).

marketing of services
convenience of site usually very important (banks in the grocery store).

generate, evaluate, research, market

steps in the new product development process.

marketing research
the orderly collection and analysis of data that is used to obtain information
about a specific marketing concern.

identify problem, collect data, analyze data, report results

what are the steps in the marketing research process?

secondary data
information that has already been collected and published.

primary data
involves a study to obtain information.

quantitative research
large scale surveys.

qualitative data
use open ended questions (interviews).

focus group
a directed discussion with 8 to 12 people.

observational research
data collection by watching and recording shopping behaviors.

experiments
involves statistical comparison of two or more very similar situations.
test market
an experimental research study that measures the likely success of a new good or
service.

analyzing and using research data

information about customer opinions and habits can help plan domestic and
international marketing activities.

brand
a name, symbol, or design that identifies a product.

global brand
used and recognized worldwide.

national brand
well known within one country.

regional brand
one geographic region such as one or few states.

store, manufacturer, and private brands

sold at certain stores or through certain retail sellers.

generics
non-name, bland, plain wrapper products that can provide a bargain.

packaging
serves multiple purposes for companies and consumers.

introduction, growth, maturity, decline

what are the phases of the product life cycle (PLC)?

competition and technology

______________ and _____________ have a major effect on how fast a product moves
through the product life cycle.

global product
a standardized item offered in the same form in all countries in which it is sold.
(cameras, computers, many home appliances)

international product
a customized or adapted to the culture, tastes, and social trends of a country.
(food, personal and health care items)