1. Product Design Chapter 4

2. Product Item Is a specific model or size of product Product Line Group of closely related products Product Mix All the products a company makes

3. Product Classification Consumer Good Purchased and used by the ultimate consumer for personal use Business Goods Purchased by the organization for use in their operation

4. Point of Difference Is a unique characteristic or benefit that sets the product apart from a competitor’s product

5. Steps in New Product Development SWOT Analysis Idea Generation Screening and Evaluation Business Analysis Development Test Marketing Commercializtion

6. SWOT Analysis Strength Weakness Opportunity Threat

7. Focus Group A panel of six to ten consumers who discuss their opinions about a topic under the guidance of a moderator

8. Commercialization Is a process that involves producing and marketing a new product

9. Product Life Cycle Introduction – main focus is promoting consumer awareness and getting consumers to try the product Growth – more competitors enter the marketplace if they see a new product is successful (Powerade/Gatorade) Distribution is important Maturity – sales begin to slow down Decline – sales begin to drop. Technology advances can cause entire categories to entire decline stage

10. Repositioning Involves changing a product’s image in relation to its competitor’s image.