Professional Documents
Culture Documents
Defining Product
A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value.
Product Line
A product line is a group of products 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 type of outlets, or fall within a given price range.
Product Mix
The product mix is the number of product lines offered by a company.
Services
Services are intangible activities or benefits that an organization provides to consumers in exchange for money or something else of value.
Pure good
Pure service
Poor Execution of the Marketing Mix: Name, Price, Promotion, and Distribution
No Access to Buyers Insignificant Point of Difference
1. Idea Generation
Firms are always on the look-out
2. Idea Screening
The object is to eliminate unsound concepts prior to devoting resources to them.
5. Business Analysis
Estimate likely selling price based upon competition and customer feedback Estimate profitability and break-even point
6. Product Development
At this stage the prototype is produced. The prototype will clearly run through all the desired tests, and presented to a selection of people made up of the target market segment to see if changes need to be made.
7. Market Testing
Test marketing means testing the product within a specific area. The product will be launched within a particular region so the marketing mix strategy can be monitored and if needed modified before national launch.
8. commercialization
Launch the product Produce and place advertisement and other promotions Fill the distribution pipeline with product
commercialization
These include: timing of the launch, how the product will be launched, where the product will be launched, will there be a national roll out or will it be region by region?
Consumer needs
Technological advances