Busi 141: products part 1
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Transcript of Busi 141: products part 1
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Marketing Mix: ProductsPrinciples of Marketing BUSI-141Professor Conrad
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What we will cover this
week
Defining Product
Classification of Products
New Product Development
Product or Brand Management
Product Quality
Product Life Cycle (PLC)
Branding
Packaging2
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Defining Product (223-225)
Good ServiceIdea
T
TangibleIntangible
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Augmented Product
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Actual Product
Core Product
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Classification of Products: Convenience
Nondurable
Frequently purchased
Low priced
Easily obtainable
Widely available
Minimal purchase effort
Alternative brands acceptable5
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Classification of Products: Shopping
Spends more time researchingPrice
Product attributes
Product quality
Compares alternatives
Prices are higher
Advertising stresses features6
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Classification of Products: Specialty
Unique characteristics
Premium product
Premium price
Consumer knows a lot about product
Requires a lot of effort
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Classification of Products: Unsought
Little awareness or interest
Not considered until needed
Heavy advertising
Personal selling used
Creative pricing
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New Product Development
NPD(231 - 237)
Idea Generation
Product Concept Development and Screening
Marketing Strategy Development
Business Analysis
Technical Development
Test Marketing
Commercialization9
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NPD: Phases 1 - 2
Idea Generation = brainstorming & listeningCustomers
Salespersons
Service providers
Qualitative research (focus groups)
Product Concept Development and ScreeningMarketers manage process
Take ideas from Phase 1 to create product concept
Describes features and benefits (core product)
Screen for technical and commercial value
Failure occures more often than success in this phase
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NPD: Phases 3 - 5Marketing Strategy Development - Introduction to Market
Identify target audience and size
Product positioning
Develop Marketing Mix
Business AnalysisAssis if product will be profitable
Potential demand
Available resources
Technical DevelopmentMarketers and engineers refine design and production process
Prototypes to understand consumer reactions and usage
Secure patents
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NPD: Phases 6 - 7
Test MarketingTest complete marketing plan on small scale
Extremely expensive
Competition becomes aware of new product
Can evaluate and improve marketing plan
May indicate product failure
CommercializationFormal launch of product
Full-scale production, distribution, and promotions
Very expensive
Crowdfunding helps
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