Business analysis
the stage of the new-product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial decisions
business products
products that organizations buy that assist in providing other products for resale. Also called B2B products, or industrial products
commercialization
the stage of the new-product process that positions and launches a new product in full scale production and sales
consumer products
products purchased by the ultimate consumer
customer experience management (CEM)
the process of managing the entire customer experience within the firm
development
the stage of the new-product process that turns the idea on paper into a prototype
idea generation
the stage of the new-product process that develops a pool of concepts as candidates for new products
market testing
the stage of the new-product process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy
new-product process
the seven stages an organization goes through to identify business opportunities and convert them to a salable good or service
new-product strategy development
the stage of the new-product process that defines the role for a new product in terms of the firm's overall objectives
product
a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value
product item
a specific product that has a unique brand, size, or price
product line
a group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range
product mix
consists of all the product lines offered by an organization
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 be and do
screening and evaluation
the stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort
services
intangible activities or benefits that an organization provides to satisfy consumers needs in exchange for money or something else of value
shopping products
items for which the consumer compares several alternatives on criteria, such as price, quality, or style
specialty products
items that a 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
Convenience products
products the consumer purchases frequently, conveniently, and with a minimum of shopping effort.