Chapter 10 - marketing

Chapter 10 - marketing - Product line extension Development...

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Chapter 10 1. Product – good, service, or idea. Tangible/intangible. Received in exchange for money 2. Good – tangible attributes. Five senses can perceive it. Durable/nondurable 3. Services – intabgible benefits 4. Idea 5. Consumer products – a. Convenience products – frequent purchases, min effort b. Shopping products – compared on several criteria before purchase c. Specialty products – special effort to seek out and buy] d. Unsought products – not known or wanted until 6. Business products – result of derived demand. 7. Product item – specific product that has unique brand, size, or price 8. Product line – group of product or services that are related by. Need, use, customers, price 9. Product mix – all product lines offered by an organization 10. Newness – being functionally different than existing products a. Legal term – new must be limited to product up to six months after it enters regular distribution b.
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Unformatted text preview: Product line extension. Development in innovation or technology. True innovation. Revolutionary product 11. Continuous innovation – consumers don’t need to learn new behaviors. New features 12. Dynamically continuous innovation – minor changes in consumer behavior required. Education involved 13. Discontinuous innovation – consumers must learn entirely new consumption patterns 14. Reasons why products fail: a. Insignificant point of difference b. Incomplete market and product protocol before product development starts c. Not satisfying consumer needs on critical factors d. Bad timing e. Too little market attractiveness f. Poor product quality g. Poor execution of marketing mix h. No economic access to buyers Stages of new product process New product strategy development Idea genearation Screening and evaluation Business analysis Development Market testing Commercialization...
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