After reading this chapter you should be able to:

1. Recognize the various terms that pertain to products and services.
2. Identify the ways in which consumer and business goods and services can be classified.
3. Explain the significance of "newness" in new products and services as it relates to the degree of consumer learning involved.
4. Describe the factors contributing to a new product's or service's success or failure.
5. Explain the purposes of each step of the newproduct process.