MKT study guide exam 2

O time savings o low cost disadvantages o out of date

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o Time savings o Low cost Disadvantages o Out of date o Not specific enough Observational Data— facts and figures obtained by watching. Either mechanically or in person, how people behave Mechanical methods (TV ratings), Personal Methods (mystery shopper), Neuromarketing methods Advantages/Disadvantages of Primary Data Advantages: more flexible, more specific Disadvantages: costly, time consuming STEP 4: DEVELOP FINDINGS Analyze the Data Present the Findings STEP 5: TAKE MARKETING ACTIONS Make Action Recommendations Implement the Action Recommendations Evaluate the Results
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Chapter 10:Developing New Products and Services 29/10/2012 19:24:00 WHAT ARE PRODUCTS AND SERVICES? A Look at Goods, Services, and Ideas Good —has tangible attributes that a consumer’s five senses can perceive o Durable—lasts over many uses o Nondurable—consumed in one or few uses Classifying Products Consumer products o Four types Convenience—items purchase frequently, conveniently with minimum effort Shopping—items for which the consumer compares several alternatives on criteria such as price, quality or style Specialty—makes a special effort to search out and buy Unsought—items that the consumer does not know about or doesn’t want Business products o Derived demand: sales of business products frequently result from the sale of consumer products (paint spray for Ford car – consumer product) o Components—items that become part of final product o Support products: items used to assist in producing other goods and services Installations Accessory equipment Supplies Industrial services Product Items, Product Lines, and Product Mixes
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Product item —a specific product that has a unique brand, size, or price Product line —group of products that are closely related because they are similar in terms of consumer needs and uses, market segments, sales outlets, or prices Product mix —all the product lines offered by a company Classifying Services Delivery by People or Equipment, Business Firms or Nonprofit Organizations, Government Agencies The Uniqueness of Services Four I’s of Service —the four unique elements that distinguish services from goods o Intangibility o Inconsistency o Inseparability Customer can’t distinguish the service provider from service its self o Inventory Idle production capacity—when the service provider is available but there is no demand for the service NEW PRODCUTS AND WHY THE SUCCEED OR FAIL Newness from the Consumer’s Perspective continuous innovation—consumers don’t need to learn new behaviors dynamically continuous innovation—only minor changes in behavior are required discontinuous innovation—making the consumer learn entirely new consumption patterns to use the product Why Product and Services Succeed or Fail New product needs a precise protocol:
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o Identification of a well defined target market, specific customer needs, wants and preferences, what the product
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