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Ch 8, 10, 11, 12, 16,17 notes

Supplementary a group of services that support or

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Supplementary A group of services that support or enhance the core service Mass Customization A strategy that uses technology to deliver customized services on a mass basis Doctors visit. Standardized McDonald’s asking if you want fries with that. Place (Distribution) Strategy Convenience Number of outlets Direct or Indirect distribution Location Scheduling Promotion
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Stress tangible cues Use personal information sources Create a strong organizational image Engage in postpurchase communication Price Pricing Challenges for Services Define the unit of service consumption Determine if multiple elements are “bundled” or priced separately Pricing objectives Revenue-Oriented pricing Maximize the surplus of income over costs Operations-Oriented Pricing Match supply and demand by varying price Special for restaurant on Sundays all you can eat Patronage-Oriented Pricing Maximize the number of customers by varying price Phillies tickets CH 11 Categories of New Products New-to-the-World IPhone when it first came out
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10% New Product Line Company going in to a totally new market 10% Product Line Additions IPhone 5 Improvements or Revision 20% each Repositioned Products Lower-Priced Products New Product Development Process Long-Term Commitment Company-Specific Approach Know what’s going on in industry Capitalize on experience Establish an environment Categories of New Products 7 Steps New-Product Strategy Plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation. Idea Generation Customer
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Employees Distributors Vendors Competitors Consultants Approaches for New Product Development Brainstorming The process of getting a group to think of unlimited ways to vary a product or solve a problem. Focus Group The objective of focus group interviews is to stimulate insightful comments through group interaction. Idea Screening Most ideas are rejected here the first filter in the product development process, which eliminates ideas that are inconsistent with the organization’s new-product strategy or are inappropriate for some other reason. Concept Test the first filter in the product development process, which eliminates ideas that are inconsistent with the organization’s new-product strategy or are inappropriate for some other reason. Business Analysis Demand Cost Sales Profitability
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Development Creation of prototype Sketch marketing strategy Packaging, branding, labeling Promotion, price, and distribution strategy Manufacturing feasibility Ex. Boeing, Gillette Test Marketing The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation. Often take 1 year or more Can cost over $1 million Exposes new product to competitors Competitors can “jam” testing programs with their own promotions Alternative to test Marketing Single-source research using supermarket scanner data Simulated (laboratory) market testing Online test marketing Commercialization Ordering Materials Production Inventory Buildup
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Distribution Shipments Sales Fore Training Trade Announcements Customer Advertising New Product Success Factors Listening to customers Producing the best product Vision of future market Getting every aspect right Strong leadership
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