Product

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Product

  1. 1. Developing Successful Products<br />Chapter 10<br />
  2. 2. Vocabulary<br />PRODUCT<br />PRODUCT<br />Anything tangible offered to market by a business to satisfy needs.<br />
  3. 3. Vocabulary<br />PRODUCT LINE<br />PRODUCT LINE<br />A group of similar products with slight variations in the product mix to satisfy needs in a market<br />
  4. 4. Vocabulary<br />PRODUCT ASSORTMENT<br />PRODUCT ASSORTMENT<br />The complete set of all products a business offers to its market.<br />
  5. 5. Vocabulary<br />TRADEMARK<br />TRADEMARK<br />The legal protection of the words or symbols for use by a company.<br />
  6. 6. Vocabulary<br />LICENSED BRAND<br />LICENSED BRAND<br />A well-known name or symbol established by one company and sold for use by another company to promote its products.<br />
  7. 7. Vocabulary<br />CONSUMER MARKETS<br />CONSUMER MARKETS<br />Individuals or socially related groups who purchase products for personal consumption.<br />
  8. 8. Vocabulary<br />DIRECT DEMAND<br />DIRECT DEMAND<br />The quantity of a product or service needed to meet the needs of the consumer.<br />
  9. 9. Vocabulary<br />DERIVED DEMAND<br />DIRIVED DEMAND<br />The quantity of a product or serviced needed by a business in order to operate at a level that will meet the demand of its customers.<br />
  10. 10. Vocabulary<br />BUSINESS MARKETS<br />BUSINESS MARKETS<br />Companies or organizations that purchase products for the operation of a business or the completion of a business activity.<br />
  11. 11. Vocabulary<br />NEW PRODUCT<br />NEW PRODUCT<br />An entirely new product <br />OR<br /> a product changed in an important and noticeable way.<br />
  12. 12. More Than Meets the Eye<br />Section 10-1<br /><ul><li>More than a Physical Product</li></ul>Durable, attractive, safe, useful, meet the needs of the consumer.<br /><ul><li>What do you look for in a restaurant?</li></li></ul><li>More Than Meets the Eye<br />Section 10-1<br /><ul><li>Consumers Knows Best</li></ul>Let consumers define the types of needs a businesses product can satisfy.<br /><ul><li>Can you think of a business that tries to sell you a product but makes mistakes in trying to match their products with your (teenage) needs?</li></li></ul><li>Developing a Product<br />Section 10-1<br /><ul><li>The Role of Marketing</li></ul>Use consumers needs as the primary focus during the planning, production, distribution, and promotion of a product.<br /><ul><li>Why do you think new product development is so important in the fashion industry?</li></li></ul><li>Developing a Product<br />Section 10-1<br /><ul><li>Marketing Activities</li></ul>Gather information<br />Design strategies<br />Conduct market tests<br /><ul><li>How can marketers use market research to develop a product?</li>

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