invite consumers to a real or lab store and see how many people buy the new

Invite consumers to a real or lab store and see how

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invite consumers to a real or lab store and see how many people buy the new product and competing brands. Cost less and take less time than standard and controlled and unlike both standard and controlled it keeps the new product out of competitors view but such small consumer sample make them less accurate/reliable Commercializatoin Introduction of the new product to the market/launching the product. If all the above seemed successful than how will product be launched, when/timing of launch, where will it be launched (by region or natiowide etc.) Example Boeing 787 Dreamliner experience What is product and what is service: Product- anything offered to a market for attention, acquisition, comsumption or use that will satisfy a need or want. Service- Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. What are three (3) levels of product: 1. Core- fundamental need that the customer satisfies wheny they buy the product 2. Actual product- Product features and its design 3. Augmented product- any non-physical part of the product. (ie. warranty/customer service) It’s a great way to add value to a product.
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What is a product line: A group of products with the same characteristics in the same category They focus on the same market sector Example selling cookies and adding gluten free or sugar free cookies to the product line. What are two ways to increase the length of a product line - down market stretch-introduce a lower priced line -up-market stretch- introduce higher end line What is a product mix: A product mix (or product portfolio) consists of all the product lines and items that a seller offers for sale. A company’s product mix has four important dimensions: width,, length, depth, and consistency. What is Product mix witdth The number of different product lines the company carries. What is Product mix length The total number of items a company carries within it’s product line. Example Clorox’s cleaning line includes, Clorox, Pinesol, Handi-wipes, etc What is product mix depth The number of different versions offered for each product line (Example Clorx has regular bleach, scented bleach, foamer, high effiecinecy bleach) What is brand and brand equity Brand- name, term, sign, symbol or design or combination of these that identifies the marker or seller product or service. (branding helps with easy search and segmentation) Brand Equity- The positive differential effect that knowing the brand name has on customer response to the product or service. Brands with strong equity have competitive advantages (high consumer awareness,, strong brand loyalty, less susceptible to price competition, and helps when introducing new products) Ex: Absolute vodka
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What are the different types of brand sponsorship - Manufacturers brands (Ex: Kellogs – frosted flakes, fruit loops, mini wheats -Store/private brands (Ex Kirkland throat losengers, Kirkrland acid reducer, Kirkland trail mix) -Product licensing – Ex Songebob hamper, Dora the Explorer backpack
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