Innovation And Product Development Rated A+
core product all the benefits the product will provide for consumers or business customers
actual product the physical attributes of a product including the brand name, features/design, quality
level, and packaging
augmented product the actual pro...
Innovation And Product Development Rated A+
core product ✅all the benefits the product will provide for consumers or business customers
actual product ✅the physical attributes of a product including the brand name, features/design, quality
level, and packaging
augmented product ✅the actual product plus other supporting features such as a warranty, credit,
delivery, installation, and repair service after the sale
staple product ✅Most important product (e.g oil, rice) which forms the major part of an economy's
output or a country's GDP.
consumer packaged good ✅a low-cost good that is consumed quickly and replaced frequently
geofencing marketing ✅The use of GPS or RFID technology to create a virtual geographic boundary,
enabling software to trigger a response when a mobile device enters or leaves a particular area.
shopping products ✅items for which the consumer compares several alternatives on criteria such as
price, quality, or style (like an i pad that has a lot to offer and can be compared with speed of other
tablets)
unsought products ✅items that the consumer does not know about or knows about but does not
initially want (like insurance)
processed materials ✅products used directly in manufacturing other products (aluminum ingots to
make Red bull cans)
component parts ✅either finished items ready for assembly or products that need very little processing
before becoming part of some other product (silicon chips to make a computer)
, ideation ✅the formation of thoughts or ideas, such as suicidal ideation (thoughts of suicide)
divergent thinking ✅expands the number of possible problem solutions (creative thinking that diverges
in different directions)
convergent thinking ✅narrows the available problem solutions to determine the single best solution
(more analytical focus)
continuous innovation ✅a modification of an existing product that sets one brand apart from its
competitors(like better camera)
dynamically continuous innovation ✅a change in an existing product that requires a moderate amount
of learning or behavior change (upgrade from casette to radio)
discontinuous innovation ✅a totally new product that creates major changes in the way we live (car or
airplane)
disruptive innovation ✅a process by which a product or service takes root initially in simple applications
at the bottom of a market and then relentlessly moves up market, eventually displacing established
competitors
first mover advantages ✅competitive benefits that accrue to the successful innovator (LINKEDIN being
really successful and passing other plantforms)
research and development (R&D) ✅a set of activities intended to identify new ideas that have the
potential to result in new goods and services
New Product Development (NPD) ✅the phases by which firms develop new products, including idea
generation, product concept development and screening, marketing strategy development, business
analysis, technical development, test marketing, and commercialization (7 total)
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