Products and Innovation

Something that is produced and offered for sale in the market

Bought by final consumers for personal consumption

Bought by individuals and organisations for further processing or for use in conducting a business

Consists in selling solutions and outcomes to the customers, rather than tangible products

Customers pay to use the software

Customers rent the use of the product for subscription or free

Social Impact, Life Changing Elements, Emotional Elements, Functional Elements

Activity, benefit or satisfaction offered for sale; it is intangible and does nor result in ownsership of anything

Intangibility, Inseparability, Variability, Perishability

Core customer value, Actual, Augmented Product

The promise of value to be delievered and a belief from the customer thaat value will be experienced

Functional, Emotional, Self-expressive, Financial

The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs

An approach in which all of the company's people are involved in constantly improving the quality of products

A name, term, sign, symbol, or design or a combination of these thqt identifies the maker or seller of a product or service

Involves designing the container or wrapper for a product

Collection of all items, both products and services, that a firm sells (Total number of product lines)

Business managemnt and marketing practise that helps managers assess their products' cureent level of success

The total number of product lines in the product mix

Any one type of product in a product mix or a group of products sharing a common parental name or common characteristics

The number of products in a product line

Introduction, Growth, Maturity, Decline

Ideation, Viability, Development, Brand Development, Protect & Produce, Commercialisation

Make hard things easy and creating new viable bsuiness offerings faster

Emphasises creative and adaptive teamwork in solving complex problems, lean development and Kanban

Anything customers perceive as new

Introduce a truly new design that displaces previous design

New to the world products

Occurs when a new entrant in a market offers a functional alternative to the underserves, often time at a lower price

Involve an incremental change in product design, product components and/or related products

New solutions for social issues that are more efficent, effective and sustainable than the existing ones