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marketing final essays

marketing final essays - 1 Different firms offer different...

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1. Different firms offer different types of products and often offer portfolios of both new and existing products. a. What are the types of consumer goods and explain how they differ? Convenience goods- such as toothpaste, purchased frequently with minimum shopping effort Shopping goods- such as everyday clothing- here the consumer compares several alternatives on criteria, such as price, quality, and style Specialty goods- such as a Raymond weil watch—one that a consumer makes a special effort to search out and buy Unsought goods- items the consumer either doesn’t know about or knows about but doesn’t initially want b. Identify and describe the stages in the new product development process. New-Product strategy development : defines the role of the new product in terms of firm’s overall objective Objectives of this stage- identify markets and strategic roles---company uses environmental scanning to identify trends that pose either opportunities or threats. Company strengths and weaknesses identified as well. Come out with new product idea as well as identifying markets for which new products will be developed and strategic roles new products might serve. Idea Generation Developing a pool of concepts generated by customer and supplier suggestions, employee and co- worker suggestions, research and development breakthrough, and competitive products. Screening and Evaluation Uses internal and external evaluations to eliminate new product ideas that warrant no more effort Internally, firm evaluates technical difficulty of proposal and if it meets the objectives defined in the new-product strategy development stage. Externally, concept tests which consist of preliminary testing of the product idea with consumers. This is more prevalent for modifications to existing products, not innovative products which consumers aren’t familiar with These concept test usually rely on written descriptions of the product but may be augmented with sketches etc. then the consumer is asked if they will use it and how etc.. Business Analysis Involves specifying features of the product and the marketing strategy needed to commercialize it Do by assessing the “business fit” of product with mission and objectives of firm…This process requires detailed financial analysis and projections, as well as assessments of the marketing and product synergies related to existing products. Questions like, will this product require a lot of new machinery to produce? Development Turning the idea from paper to prototype Market Testing Expose it to actual customer, see if it needs to be tuned Test marketing involves offering a product for sale on a limited basis in a defined area..done to see if customers will buy it and use different marketing strategies This gives the company a projection of sales volume and market share in that test area Also used to check level of advertising and distribution Commercialization
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