New or Just Improved? CD’S Airbags (cars) iPhone Nissan Titan Internet Scanning Equipment For...
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Transcript of New or Just Improved? CD’S Airbags (cars) iPhone Nissan Titan Internet Scanning Equipment For...
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New or Just Improved?
CD’S
Airbags (cars)
iPhone
Nissan TitanInternet
Scanning EquipmentFor stores
Artificial HeartsFlat Screen TV
TargetKennel Inn
My Shirt
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Marketing Research
Finding solutions to problems through carefully designed studies involving consumers.
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Steps in Marketing Research
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Types of Research Studies Surveys
Focus Groups
Observation
Experiment
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Activity
Issue: A top athletic shoe manufacturer finds out that is it ranked in the top 5 for people over 25, but that it is not ranked in the top 5 for people under 25.
How can this manufacturer (using the 5 steps in Marketing Research) plan a way to improve its ranking among the younger people?
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Marketing Mix – 4 P’s
• All parts are very important!
• One more so that others – product– If the products is not what you want – the other
parts do not matter.
• Must carefully plan each product to best meet customer needs.
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Parts of a Product
• Basic product – simplest form• Product features – additions and improvements• Options – choices in features• Brand Name – unique identification• Packaging – protection and security• Guarantee/Warranty – build customer confidence
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New Product Planning is…
• Costly– Several million dollars
• Time-Consuming– Several years
• Lots of people– Ideas, production, marketing, analyzing cost,
forecasting sales
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Steps in New Product Planning are…
1. Idea Development2. Idea Screening3. Strategy Development4. Production and Financial Planning5. Limited Production and Test Marketing6. Full scale Production
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Services
Activities that are consumed at the same time they are produced.
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Products
• Tangible– Things you can see – Things you can touch
Services
• Intangible– No physical form
• Inseparable– Is used as it is being
produced
• Perishable– Cannot be stored for later
• Heterogeneous– Differences is the quality of
service