NPD - New Products What Is A Product? Product => market...

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New Products
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What Is A Product? Product => market offering which generates attention, acquisition, use or consumption Offering should satisfy a want or need Performanc e vs. Conformance quality
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Product Levels Core product Actual product Augmented product
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Consumer Goods Convenience products => not willing to spend much time or effort seeking; inexpensive 1. Staples - (milk) 2. Impulse - (candy) 3. Emergency - (batteries)
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Consumer Goods (continued) Shopping products => worth the time and effort to compare existing products. 1. Homogenous - s eek lowest price (sugar) 2. Heterogeneous - inspect quality (suit)
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Consumer Goods (continued) Specialty products => make a special effort to find; high willingness to search; uniqueness (engagement ring)
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Consumer Goods (continued) Unsought products => don’t yet want or know they exist 1. New - unaware of benefits (Internet) 2. Regularly - aware of product but not interested (gravestones)
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Product Mix Lingo For large, diversified firms many product lines may be 1. product mix set of all product lines and items the firm offers 2. width # of different product lines the firm carries
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Product Mix Lingo (continued) 3. length total # of items firm carries 4. depth # of versions offered of each product in the line 5. consistency how closely related the various product lines are (e.g., use, production)
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NPD - New Products What Is A Product? Product => market...

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