The document discusses the key steps in the new product development process, including idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization. Idea generation involves brainstorming new product ideas internally or externally. Ideas are then screened for marketing potential and feasibility. Selected concepts are developed and tested before a marketing strategy and business analysis are conducted. The product is developed, tested on a sample market, and commercialized.
Marketing mix is one of the major concepts in modern marketing. It is the combination of various elements which constitutes the company’s marketing system. It is set of controllable marketing variables that the firm blends to produce the response it wants in the target market. Though there are many basic marketing variables.
The following table shows data from a fictional cohort study of in.docxarnoldmeredith47041
The following table shows data from a fictional cohort study of industrial workers followed over 30 years to see if exposure to industrial organic solvent affects cognitive function adversely. Use the information below for the following question.
Organic Solvent Exposure
Number of Participants
Impaired Function
Yes
28654
818
No
71346
649
Total
100000
1467
Calculate and interpret the risk of impaired function in participants exposed to organic solvents and those who were not.
1
COM5111
Product Policy
Week 5 SemB 2019-20
2
Learning Objectives
1. What are the characteristics of products, and how do marketers classify product?
2. How can companies differentiate products?
3. Why is product design important, and what are the different approaches taken?
4. How can a company build and manage its product mix and product lines?
5. How can marketers best manage luxury brands?
6. What environmental issues must marketers consider in their product strategies?
7. How can companies combine products to create strong co-brands or ingredient
brands?
8. How can companies use packaging, labeling, warranties, and guarantees as
marketing tools?
3
Components Of The Market Offering
Marketing planning begins with formulating an offering to meet target customers’ needs or wants
customer will judge the offering
on three basic elements
Slide 15 & 16 Slide 17
4
Product Characteristics
and Classifications
• Product
– Anything that can be offered to a market to satisfy a want or need,
including physical goods, services, experiences, events, persons,
places, properties, organizations, information, and ideas
https://www.youtube.com/watch?v=xYjoBAUOjTk
5
Characteristics of Winning Products
A unique superior product—
a differentiated product that delivers unique benefits and a
compelling value proposition to the customer or user—
is the number one driver of new-product profitability
Source: Robert G. Cooper, Winning at New Products: Creating Value through Innovation (New York: Basic Books, 2011), p. 32.
How about your individual assignment?
6
Unique and superior products tend to have the followings in
common
1. are superior to competitors’ products in terms of meeting users’ needs
2. solve a problem the customer has with a competitive product
3. feature good value for the money and excellent price and performance
characteristics
4. provide excellent product quality, according to customers’ way of defining quality
5. offer features easily perceived as useful by the customer
6. offer benefits that are highly visible to the customer
Source: Robert G. Cooper, Winning at New Products: Creating Value through Innovation (New York: Basic Books, 2011), p. 33.
7
Product Levels: The Customer-Value Hierarchy
• The Five Product Levels
The service or benefit
the customer
is really buying
e.g. rest & sleep
The marketer must
turn the core benefit
into a basic product
e.g. bed, bathroom …
A set of attributes
and c.
The following table shows data from a fictional cohort study of in.docxrtodd194
The following table shows data from a fictional cohort study of industrial workers followed over 30 years to see if exposure to industrial organic solvent affects cognitive function adversely. Use the information below for the following question.
Organic Solvent Exposure
Number of Participants
Impaired Function
Yes
28654
818
No
71346
649
Total
100000
1467
Calculate and interpret the risk of impaired function in participants exposed to organic solvents and those who were not.
1
COM5111
Product Policy
Week 5 SemB 2019-20
2
Learning Objectives
1. What are the characteristics of products, and how do marketers classify product?
2. How can companies differentiate products?
3. Why is product design important, and what are the different approaches taken?
4. How can a company build and manage its product mix and product lines?
5. How can marketers best manage luxury brands?
6. What environmental issues must marketers consider in their product strategies?
7. How can companies combine products to create strong co-brands or ingredient
brands?
8. How can companies use packaging, labeling, warranties, and guarantees as
marketing tools?
3
Components Of The Market Offering
Marketing planning begins with formulating an offering to meet target customers’ needs or wants
customer will judge the offering
on three basic elements
Slide 15 & 16 Slide 17
4
Product Characteristics
and Classifications
• Product
– Anything that can be offered to a market to satisfy a want or need,
including physical goods, services, experiences, events, persons,
places, properties, organizations, information, and ideas
https://www.youtube.com/watch?v=xYjoBAUOjTk
5
Characteristics of Winning Products
A unique superior product—
a differentiated product that delivers unique benefits and a
compelling value proposition to the customer or user—
is the number one driver of new-product profitability
Source: Robert G. Cooper, Winning at New Products: Creating Value through Innovation (New York: Basic Books, 2011), p. 32.
How about your individual assignment?
6
Unique and superior products tend to have the followings in
common
1. are superior to competitors’ products in terms of meeting users’ needs
2. solve a problem the customer has with a competitive product
3. feature good value for the money and excellent price and performance
characteristics
4. provide excellent product quality, according to customers’ way of defining quality
5. offer features easily perceived as useful by the customer
6. offer benefits that are highly visible to the customer
Source: Robert G. Cooper, Winning at New Products: Creating Value through Innovation (New York: Basic Books, 2011), p. 33.
7
Product Levels: The Customer-Value Hierarchy
• The Five Product Levels
The service or benefit
the customer
is really buying
e.g. rest & sleep
The marketer must
turn the core benefit
into a basic product
e.g. bed, bathroom …
A set of attributes
and c.
This presentation helps the beginner to build insight about the 2P's (Price & Product) out of the 4 Marketing P's (which are Product, Price, Place, & Promotion)
Maanagement of Marketing UNIT-3 &4 product.pptetebarkhmichale
The law of attraction is the most powerful force in the universe. If you work against it, it can only bring you pain and misery. Successful people know this but have kept it hidden from the lower class for centuries because they did not want to share their wealth. The universal law of attraction is simple. We attract whatever we choose to give our attention to. If we focus on bad things, we will attract more bad things. But the minute you stop focusing on bad and focus on good, you change the pattern and now good things start coming your way.
If we knew the law of attraction and applied it in our lives daily, we would have so much power and control that it would be scary. We could have what we wanted, and when we wanted it. We would have total control of our lives. If you think of yourself as a powerful attractor, you will attract more of what you want in your life, simply by thinking about it, then acting on it. But there is one ingredient you cannot leave out or the law of attraction won't work.
When we think of an object in our mind, we then send that image to our hearts and act on it with emotion. A formula makes this easy to follow: TFAR (Thoughts, Feelings, Actions, and Results) When we take necessary action, the universe shows up and gives us the results we wanted.
The law of attraction works by performing three steps. And these steps must be done for the process to work. These steps are:
1. Getting clear. You must know what it is you want or else you won’t get it. The universe won’t know what you are asking for, so how can it deliver?
2. Vibrate to the level of energy corresponding to what you want. If you want something and you think about it, feel it, and act on it, you must keep that level of energy going until you achieve the results you are after.
3. Attract what you want like a magnet. If you focus on what you want but don’t allow it to come into your life, it won’t. You have to be willing to accept it and acknowledge it. Then when you act, it will occur.
Whatever you do during the course of a day, whatever thoughts you think about, you are attracting. If you use it every day, regularly, and practice it this way, you will eventually find that it becomes a habit that you will subconsciously practice.
You may not believe it, but the steps you need to take are easy. But you must do them, believe in them, and believe in yourself, or they will not work. Are you ready to get tuned into the universe and get clear? Can you work in harmony with the laws of the universe and become successful?
If so here are the steps you need to follow:
1. Get clear. You must know exactly what it is you want. If you are in doubt, vague, or too general, you won’t get anywhere. You must know exactly what it is you want first. Only then will you be able to focus and concentrate on that thought?
2. Visualize what you want and vibrate to it. You must form a mental image in your mind so you can see it as if you had it in your possession. For women, you can do the
Search Engine Marketing - Competitor and Keyword researchETMARK ACADEMY
Over 2 Trillion searches are made per day in Google search, which means there are more than 2 Trillion visits happening across the websites of the world wide web.
People search various questions, phrases or words. But some words and phrases are searched
more often than others.
For example, the words, ‘running shoes’ are searched more often than ‘best road running
shoes for men’
These words or phrases which people use to search on Google are called Keywords.
Some keywords are searched more often than others. Number of times a keyword is searched
for in a month is called keyword volume.
Some keywords have more relevant results than others. For the phrase “running shoes” we
get more than 80M relevant results, whereas for “best road running shoes for men” we get
only 8.
The former keyword ‘running shoes’ has way more competition from popular websites to
new and small blogs, whereas the latter keyword doesn’t have that much competition. This
search competition for a keyword is called search difficulty of a keyword or keyword
difficulty.
In other words, if the keyword difficulty is ‘low’ or ‘easy’, there won’t be any competition
and if you target such keywords on your site, you can easily rank on the front page of Google.
Some keywords are searched for, just to know or to learn some information about something,
that’s their search intention. For example, “What shoe size should I choose?” or “How to pick
the right shoe size?”
These keywords which are searched just to know about stuff are called informational
keywords. Typically people who are searching this type of keywords are top of a Conversion
funnel.
Conversion funnel is the journey that search visitors go through on their way to an email
subscription or a premium subscription to the services you offer or a purchase of products
you sell or recommend using your referral link.
For some buyers, research is the most important part when they have to buy a product.
Depending on that, their journey either widens or narrows down. These types of buyers are
Researchers and they spend more time with informational keywords.
Conversion is the action you want from your search visitors. Number of conversions that you
get for every 100 search visitors is called Conversion rate.
People who are at different stages of a conversion funnel use different types of keywords.
Marketing mix is one of the major concepts in modern marketing. It is the combination of various elements which constitutes the company’s marketing system. It is set of controllable marketing variables that the firm blends to produce the response it wants in the target market. Though there are many basic marketing variables.
The following table shows data from a fictional cohort study of in.docxarnoldmeredith47041
The following table shows data from a fictional cohort study of industrial workers followed over 30 years to see if exposure to industrial organic solvent affects cognitive function adversely. Use the information below for the following question.
Organic Solvent Exposure
Number of Participants
Impaired Function
Yes
28654
818
No
71346
649
Total
100000
1467
Calculate and interpret the risk of impaired function in participants exposed to organic solvents and those who were not.
1
COM5111
Product Policy
Week 5 SemB 2019-20
2
Learning Objectives
1. What are the characteristics of products, and how do marketers classify product?
2. How can companies differentiate products?
3. Why is product design important, and what are the different approaches taken?
4. How can a company build and manage its product mix and product lines?
5. How can marketers best manage luxury brands?
6. What environmental issues must marketers consider in their product strategies?
7. How can companies combine products to create strong co-brands or ingredient
brands?
8. How can companies use packaging, labeling, warranties, and guarantees as
marketing tools?
3
Components Of The Market Offering
Marketing planning begins with formulating an offering to meet target customers’ needs or wants
customer will judge the offering
on three basic elements
Slide 15 & 16 Slide 17
4
Product Characteristics
and Classifications
• Product
– Anything that can be offered to a market to satisfy a want or need,
including physical goods, services, experiences, events, persons,
places, properties, organizations, information, and ideas
https://www.youtube.com/watch?v=xYjoBAUOjTk
5
Characteristics of Winning Products
A unique superior product—
a differentiated product that delivers unique benefits and a
compelling value proposition to the customer or user—
is the number one driver of new-product profitability
Source: Robert G. Cooper, Winning at New Products: Creating Value through Innovation (New York: Basic Books, 2011), p. 32.
How about your individual assignment?
6
Unique and superior products tend to have the followings in
common
1. are superior to competitors’ products in terms of meeting users’ needs
2. solve a problem the customer has with a competitive product
3. feature good value for the money and excellent price and performance
characteristics
4. provide excellent product quality, according to customers’ way of defining quality
5. offer features easily perceived as useful by the customer
6. offer benefits that are highly visible to the customer
Source: Robert G. Cooper, Winning at New Products: Creating Value through Innovation (New York: Basic Books, 2011), p. 33.
7
Product Levels: The Customer-Value Hierarchy
• The Five Product Levels
The service or benefit
the customer
is really buying
e.g. rest & sleep
The marketer must
turn the core benefit
into a basic product
e.g. bed, bathroom …
A set of attributes
and c.
The following table shows data from a fictional cohort study of in.docxrtodd194
The following table shows data from a fictional cohort study of industrial workers followed over 30 years to see if exposure to industrial organic solvent affects cognitive function adversely. Use the information below for the following question.
Organic Solvent Exposure
Number of Participants
Impaired Function
Yes
28654
818
No
71346
649
Total
100000
1467
Calculate and interpret the risk of impaired function in participants exposed to organic solvents and those who were not.
1
COM5111
Product Policy
Week 5 SemB 2019-20
2
Learning Objectives
1. What are the characteristics of products, and how do marketers classify product?
2. How can companies differentiate products?
3. Why is product design important, and what are the different approaches taken?
4. How can a company build and manage its product mix and product lines?
5. How can marketers best manage luxury brands?
6. What environmental issues must marketers consider in their product strategies?
7. How can companies combine products to create strong co-brands or ingredient
brands?
8. How can companies use packaging, labeling, warranties, and guarantees as
marketing tools?
3
Components Of The Market Offering
Marketing planning begins with formulating an offering to meet target customers’ needs or wants
customer will judge the offering
on three basic elements
Slide 15 & 16 Slide 17
4
Product Characteristics
and Classifications
• Product
– Anything that can be offered to a market to satisfy a want or need,
including physical goods, services, experiences, events, persons,
places, properties, organizations, information, and ideas
https://www.youtube.com/watch?v=xYjoBAUOjTk
5
Characteristics of Winning Products
A unique superior product—
a differentiated product that delivers unique benefits and a
compelling value proposition to the customer or user—
is the number one driver of new-product profitability
Source: Robert G. Cooper, Winning at New Products: Creating Value through Innovation (New York: Basic Books, 2011), p. 32.
How about your individual assignment?
6
Unique and superior products tend to have the followings in
common
1. are superior to competitors’ products in terms of meeting users’ needs
2. solve a problem the customer has with a competitive product
3. feature good value for the money and excellent price and performance
characteristics
4. provide excellent product quality, according to customers’ way of defining quality
5. offer features easily perceived as useful by the customer
6. offer benefits that are highly visible to the customer
Source: Robert G. Cooper, Winning at New Products: Creating Value through Innovation (New York: Basic Books, 2011), p. 33.
7
Product Levels: The Customer-Value Hierarchy
• The Five Product Levels
The service or benefit
the customer
is really buying
e.g. rest & sleep
The marketer must
turn the core benefit
into a basic product
e.g. bed, bathroom …
A set of attributes
and c.
This presentation helps the beginner to build insight about the 2P's (Price & Product) out of the 4 Marketing P's (which are Product, Price, Place, & Promotion)
Maanagement of Marketing UNIT-3 &4 product.pptetebarkhmichale
The law of attraction is the most powerful force in the universe. If you work against it, it can only bring you pain and misery. Successful people know this but have kept it hidden from the lower class for centuries because they did not want to share their wealth. The universal law of attraction is simple. We attract whatever we choose to give our attention to. If we focus on bad things, we will attract more bad things. But the minute you stop focusing on bad and focus on good, you change the pattern and now good things start coming your way.
If we knew the law of attraction and applied it in our lives daily, we would have so much power and control that it would be scary. We could have what we wanted, and when we wanted it. We would have total control of our lives. If you think of yourself as a powerful attractor, you will attract more of what you want in your life, simply by thinking about it, then acting on it. But there is one ingredient you cannot leave out or the law of attraction won't work.
When we think of an object in our mind, we then send that image to our hearts and act on it with emotion. A formula makes this easy to follow: TFAR (Thoughts, Feelings, Actions, and Results) When we take necessary action, the universe shows up and gives us the results we wanted.
The law of attraction works by performing three steps. And these steps must be done for the process to work. These steps are:
1. Getting clear. You must know what it is you want or else you won’t get it. The universe won’t know what you are asking for, so how can it deliver?
2. Vibrate to the level of energy corresponding to what you want. If you want something and you think about it, feel it, and act on it, you must keep that level of energy going until you achieve the results you are after.
3. Attract what you want like a magnet. If you focus on what you want but don’t allow it to come into your life, it won’t. You have to be willing to accept it and acknowledge it. Then when you act, it will occur.
Whatever you do during the course of a day, whatever thoughts you think about, you are attracting. If you use it every day, regularly, and practice it this way, you will eventually find that it becomes a habit that you will subconsciously practice.
You may not believe it, but the steps you need to take are easy. But you must do them, believe in them, and believe in yourself, or they will not work. Are you ready to get tuned into the universe and get clear? Can you work in harmony with the laws of the universe and become successful?
If so here are the steps you need to follow:
1. Get clear. You must know exactly what it is you want. If you are in doubt, vague, or too general, you won’t get anywhere. You must know exactly what it is you want first. Only then will you be able to focus and concentrate on that thought?
2. Visualize what you want and vibrate to it. You must form a mental image in your mind so you can see it as if you had it in your possession. For women, you can do the
Search Engine Marketing - Competitor and Keyword researchETMARK ACADEMY
Over 2 Trillion searches are made per day in Google search, which means there are more than 2 Trillion visits happening across the websites of the world wide web.
People search various questions, phrases or words. But some words and phrases are searched
more often than others.
For example, the words, ‘running shoes’ are searched more often than ‘best road running
shoes for men’
These words or phrases which people use to search on Google are called Keywords.
Some keywords are searched more often than others. Number of times a keyword is searched
for in a month is called keyword volume.
Some keywords have more relevant results than others. For the phrase “running shoes” we
get more than 80M relevant results, whereas for “best road running shoes for men” we get
only 8.
The former keyword ‘running shoes’ has way more competition from popular websites to
new and small blogs, whereas the latter keyword doesn’t have that much competition. This
search competition for a keyword is called search difficulty of a keyword or keyword
difficulty.
In other words, if the keyword difficulty is ‘low’ or ‘easy’, there won’t be any competition
and if you target such keywords on your site, you can easily rank on the front page of Google.
Some keywords are searched for, just to know or to learn some information about something,
that’s their search intention. For example, “What shoe size should I choose?” or “How to pick
the right shoe size?”
These keywords which are searched just to know about stuff are called informational
keywords. Typically people who are searching this type of keywords are top of a Conversion
funnel.
Conversion funnel is the journey that search visitors go through on their way to an email
subscription or a premium subscription to the services you offer or a purchase of products
you sell or recommend using your referral link.
For some buyers, research is the most important part when they have to buy a product.
Depending on that, their journey either widens or narrows down. These types of buyers are
Researchers and they spend more time with informational keywords.
Conversion is the action you want from your search visitors. Number of conversions that you
get for every 100 search visitors is called Conversion rate.
People who are at different stages of a conversion funnel use different types of keywords.
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
SMM Cheap - No. 1 SMM panel in the worldsmmpanel567
Boost your social media marketing with our SMM Panel services offering SMM Cheap services! Get cost-effective services for your business and increase followers, likes, and engagement across all social media platforms. Get affordable services perfect for businesses and influencers looking to increase their social proof. See how cheap SMM strategies can help improve your social media presence and be a pro at the social media game.
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
Financial curveballs sent many American families reeling in 2023. Household budgets were squeezed by rising interest rates, surging prices on everyday goods, and a stagnating housing market. Consumers were feeling strapped. That sentiment, however, appears to be waning. The question is, to what extent?
To take the pulse of consumers’ feelings about their financial well-being ahead of a highly anticipated election, ThinkNow conducted a nationally representative quantitative survey. The survey highlights consumers’ hopes and anxieties as we move into 2024. Let's unpack the key findings to gain insights about where we stand.
Core Web Vitals SEO Workshop - improve your performance [pdf]Peter Mead
Core Web Vitals to improve your website performance for better SEO results with CWV.
CWV Topics include:
- Understanding the latest Core Web Vitals including the significance of LCP, INP and CLS + their impact on SEO
- Optimisation techniques from our experts on how to improve your CWV on platforms like WordPress and WP Engine
- The impact of user experience and SEO
10 Video Ideas Any Business Can Make RIGHT NOW!
You'll never draw a blank again on what kind of video to make for your business. Go beyond the basic categories and truly reimagine a brand new advanced way to brainstorm video content creation. During this masterclass you'll be challenged to think creatively and outside of the box and view your videos through lenses you may have never thought of previously. It's guaranteed that you'll leave with more than 10 video ideas, but I like to under-promise and over-deliver. Don't miss this session.
Key Takeaways:
How to use the Video Matrix
How to use additional "Lenses"
Where to source original video ideas
Top 3 Ways to Align Sales and Marketing Teams for Rapid GrowthDemandbase
In this session, Demandbase’s Stephanie Quinn, Sr. Director of Integrated and Digital Marketing, Devin Rosenberg, Director of Sales, and Kevin Rooney, Senior Director of Sales Development will share how sales and marketing shapes their day-to-day and what key areas are needed for true alignment.
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
SEO as the Backbone of Digital MarketingFelipe Bazon
In this talk Felipe Bazon will share how him and his team at Hedgehog Digital share our journey of making C-Levels alike, specially CMOS realize that SEO is the backbone of digital marketing by showing how SEO can contribute to brand awareness, reputation and authority and above all how to use SEO to create more robust global marketing strategies.
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
AI-Powered Personalization: Principles, Use Cases, and Its Impact on CROVWO
In today’s era of AI, personalization is more than just a trend—it’s a fundamental strategy that unlocks numerous opportunities.
When done effectively, personalization builds trust, loyalty, and satisfaction among your users—key factors for business success. However, relying solely on AI capabilities isn’t enough. You need to anchor your approach in solid principles, understand your users’ context, and master the art of persuasion.
Join us as Sarjak Patel and Naitry Saggu from 3rd Eye Consulting unveil a transformative framework. This approach seamlessly integrates your unique context, consumer insights, and conversion goals, paving the way for unparalleled success in personalization.
It's another new era of digital and marketers are faced with making big bets on their digital strategy. If you are looking at modernizing your tech stack to support your digital evolution, there are a few can't miss (often overlooked) areas that should be part of every conversation. We'll cover setting your vision, avoiding siloes, adding a democratized approach to data strategy, localization, creating critical governance requirements and more. Attendees will walk away with actions they can take into initiatives they are running today and consider for the future.
4. Product
Product is one of the important elements of marketing mix.
A marketer can satisfy consume needs and wants through
product.
A product is a bundle of attributes (features, functions, benefits,
and uses) that a person receives in an exchange
A product consists of both good and service.
Decisions an other elements of marketing mix depend on
product.
For example, price is set for the product promotional efforts are
directed to sell the product; and distribution network is
prepared for the product
5. “A product is anything that can be offered in a
market for attention, acquisition, use or consumption
that might satisfy a need or want”
Philip Kotler: "Product is anything that can be offered
to someone to satisfy a need or want
6. William Stanton: "Product is complex of tangible and
intangible attributes, including packaging, colour, price,
prestige, and services, that satisfy needs and wants of
people
W. Alderson: "Product is a bundle of utilities, consisting
of various product features and accompanying services.“
Product is a bundle of benefits-physical and
psychological that marketer wants to offer, or a bundle of
expectations that consumers want to fulfill
7.
8. CHARACTERISTICS OF PRODUCT
Product is one of the elements of marketing mix or
programme.
Different people perceive it differently. Management, society,
and consumers have different expectations.
Product includes both good and service.
Marketer can actualize its goals by producing, selling,
improving, and modifying the product.
Product is a base for entire marketing programme,
In marketing terminology, product means a complete product
that can be sold to consumers. That means branding, labeling,
colour, services, etc., constitute the product
11. New Product Development
“Developing a new product due to change in technology, Customer
taste and competition.”
12. Steps Involved in New Product Development
Idea Generation
Idea Screening
Business Analysis
Product Development
Testing the Product
Commercialization
15. On the basis of Durability
and Tangibility
Durable Goods-
Used for many years.
Ex- TV, Refrigerators, Automobiles, Washing Machine
Non Durable Goods- consumed in one or few years
Ex- Soap, Salt, Edible items.
Service-
Intangible, inseperable,
variable, perishable
product.
16. Consumer Goods
These are meant for use of consumption by ultimate consumers
for the satisfaction of their needs and wants.
Conveniencegoods-
These are those products which a consumer purchases
frequently, immediately and with minimum efforts from
convenient locations. For example, tooth paste, bread,
newspaper, cigarette, match box, medicine, soap, cold drinks,
grocery items, etc.
17. Shopping Goods-
These are those goods where consumers devote considerable
time in making selections before they buy. On the basis of
durability, suitability, quality price and style, the selection and
purchasing of the goods takes place. For example, household
furniture, automobiles, refrigerators, sewing machines,
jewelleries, clothing, used cars; arid major appliance, etc.
18. SpecialtyGoods
These goods possess unique characteristics and brand
identification for which a sufficient number of
buyers are willing to make a special purchasing
effort. For example, stereo components, photographic
equipment, men’s suits, shoes, goggles, mobile
phones, cloth material, etc.
19. UnsoughtGoods
These are those goods which the consumer does not know
about or does not normally think of buying. These goods
require advertising and personal-selling support. For
example, smoke detectors, kitchen exhaust fans like
electric chimneys, etc. The classic examples of known but
unsought goods are life insurance, cemetery plots,
gravestones and encyclopedias, reference books, etc.
20. Industrial Goods
Machines and components
Service and Consultancies
Supplies&Business
Services-
Electricity and Fuel
21.
22. Managing The Product
Product Hierarchy
Product family, class, line, type, brand& item
Product Family
All product classes that can satisfy a core need with reasonable
effectiveness.
24. Product Line-
Refers to a group of products clubbed together by virtue of
satisfying a particular class of needs, being used together
or distributed through the same channel or possessing
common physical or technical characteristics.
25. Product Type
A group of items within a product line that share one of
possible form of product.
26. Items
A distinct unit within a brand or product line
distinguishable by size, price, appearance or some other
attribute.
27. Width of product line
No. of product line offered by a company.
Depth of product line-
No. of product offered in a product line by a
a firm.
Consistency-
Degree of similarity b/w product lines
respect to technology, production &
distribution channels
Product Mix
Set of all products and
items offered by a firm
at a given point of time.
28. ProductAssortment Of HUL
Product Width
Pl-1 Pl-2 Pl-3
Laundry Personal Wash Hair Care
Surf Excel Lifebuoy Sunsilk
Product
Length Wheel Lux Clinic Plus
Dove
Liril
29. ProductLifeCycle
Product Life Cycle shows the stages that products go
through from development to withdrawal from the market
Each product may have a different life cycle
May help the firm to identify when
a product needs support, redesign, withdrawal, etc.
May help in new product development planning
31. Introduction/Launch
Advertising and promotion campaigns
Target campaign at specific audience?
Monitor initial sales
Maximise publicity
High cost/low sales
Length of time – type of product
32. Growth
Increased consumer awareness
Sales rise
Revenues increase
Costs - fixed costs/variable costs, profits may be made
Monitor market – competitors reaction?
33. Maturity
Sales reach peak
Cost of supporting the product declines
Ratio of revenue to cost high
Sales growth likely to be low
Market share may be high
Competition likely to be greater
Price elasticity of demand?
Monitor market – changes/amendments/new strategies?
34. DeclineandWithdrawal:
Product outlives/outgrows its usefulness/value
Fashions change
Technology changes
Sales decline
Cost of supporting starts to rise too far
Decision to withdraw may be dependent on availability
of new products and whether fashions/trends will come
around again?
36. Characteristics Introduction Growth Maturity Decline
Sales Low Rapidly Rising Decline Decline
Cost per
Customer
High Average Low Low
Profit Negative Rising High Decline
Customers Innovators Early Adopters Early &Late
Adopters
Laggards
Competitors Few Growing No. Stable No.
Beginning to
Decline
Declining No.
Market
Objective
Product
Awareness
Maximize
Market Share
Maximizing
Profit
Reduce Share
Product
Strategies
Basic Extension Diversity,
Defend Market
Share
Milk the Brand,
Phase out
37. Characteris
tic
Introduction Growth Maturity Decline
Price Strategies Cost Plus Penetration
price
Best matching
Price
Cut Price
Distribution
Strategies
Selective Intensive More Intensive Selective
Communication
Strategies
Build Awareness
for Early
Adopters
Build Awareness
for Mass Market
Brand
Difference
&Benefits
Reduce to level
needed to
retain loyalty ,
Reduce to
minimum level
45. Steps in New Product Development
Idea Generation
Idea Screening
Concept Development and Testing
Marketing Strategy Development
Business Analysis
Product Development
Test Marketing
Commercialization
46. Idea Generation
This part of the process involves brainstorming different
ideas and suggestions regarding new products or ways that
you can enhance a current product.
During this phase, businesses will conduct extensive
research into their users and what they are looking for, as
well as evaluate market trends. This groundwork is
imperative in terms of designing a product that can provide a
solution for an issue that people are experiencing at the
moment.
47.
48. There are two ways that you can go about generating new ideas, and these are as
follows:
Internal idea generation – Internal ideas come from various areas within your
areas within your business, for example, the sales team, customer support,
marketing, or the technical department.
External ideas generation – External ideas come from outside sources, for
sources, for example, getting feedback from your target audience or studying the
competition.
49. Screen your ideas
Determining which ideas you should be discarding and
which ones are worth pursuing will depend on a whole host
of different factors. You need to consider the marketing
potential of your new product, as well as technical
feasibility, the product improvements that are most required,
and the expected benefits for your customers.
50. Concept development and testing
Once an idea has passed the screening stage, it needs to be
developed into a concept. This is basically a detailed
description of the product.
What should be included in your concept?
• The target market for the product
• The proposed price for the product
• The benefits of the product
• The features of the product and how they may appeal to the
consumer
51.
52. Marketing strategy
You are also going to need to put together an initial
marketing strategy for your product. This will act as a
guide for the promotion, pricing, and positioning of your
new product.
53. Business analysis
A business analysis involves reviewing the profit
projections, expected costs, and sales forecasts for the
product. If they satisfy your objectives as a business, you
can move the product onto the development phase.
54.
55. Product Development
This involves developing the product concept and
creating a product that is 100 percent finished and ready
to market.
You should have, hopefully, considered what style of
product development you want to use by this point. There
are many methodologies you can follow, from waterfall to
agile product development. Some businesses like to use a
hybrid approach, which involves combining different
elements of the two.
56. Test Marketing
This involves releasing the finished item to a sample
market so that you can see how the product performs
under the marketing strategy that you have
predetermined.
There are two testing methods that you can employ when
it comes to releasing the product to a sample market.
These are alpha testing and beta testing.
Beta testing involves actual users getting to try out the
product and give their honest opinion on the product.
Alpha testing involves testing that is carried out by
software to identify any issues or bugs before the product
is released to the public.
57.
58. Commercialization
Now, the exciting time has come to launch your product.
You need to make sure that everything is in place to
guarantee that your launch is a success, i.e. your customer
support, sales, marketing, and product teams. Continue to
monitor the performance of your product, so you can make
adjustments as and when needed.
