Project+on+Product+Development+Process - Product A product...

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Product A product is anything that can be offered to a market that might satisfy a want or need. Products include physical objects, services, events, persons, places, organizations, ideas, or mixes of these entities. Market A market is a place where buyers and sellers meet by any mean of communication for the purpose of a business transaction. A product may fall into two major categories that are tangible and intengible. Tangible Goods Intengible Services Ideas r Goods Something is considered a good if it is a tangible item. That is, it is something that is felt, tasted, heard, smelled or seen. For example, bicycles, cellphones, and books are all examples of tangible goods. r Service A service is a non-material or intangible product - such as professional consultancy, waitressing, teaching, or an entertainment experience. Ideas Something falls into the category of an idea if the marketer attempts to convince the customer to alter their behavior or their perception in some way. Marketing ideas are often promoted by non-profit groups or governments in order to get targeted groups to avoid or change certain behavior. e.g. when public service announcements directed toward such activity as youth smoking, automobile safety, and illegal drug use.
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Product Development Product Development is any profitable change in a routine process that can be made visible, and can be useful to enhance the process in a meaningful way. Developing a product is very important for a company in dynamic environment and it involves a high level of marketing intelligence and engineering. There are two ways for developing a product. New product development Development in an existing product New product development Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable product. Developing New Products By its nature marketing requires new ideas. Unlike some organizational functions, where basic processes follow a fairly consistent routine (e.g., accounting), successful marketers are constantly making adjustments to their marketing efforts. New ideas are essential for responding to changing demand by the target market and by pressure exerted by competitors. These changes are manifested in decisions in all marketing areas including the development of new products. In addition to being responsive to changing customer tastes and competitive forces, there are many other reasons why new product development is vital. These include: Many new products earn higher profits than older products. This is often the case for products considered innovative or unique which, for a period of time, may enjoy success and initially face little or no competition. New products can help reposition the company in customer’s minds. For
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Project+on+Product+Development+Process - Product A product...

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