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16 Cards in this Set
- Front
- Back
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Product line
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group of products closely related that satisfy a class of needs or are used together or are sold to same customer groups. Consists of many product items
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Product mix
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the number of product lines offered by the company
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What innovators do differently than you and me
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• Their early purchases encourage channels (retailers) to stock more of the product and give it shelf space.
• Provide early income that can be plowed into advertising to give much-needed early $$ back to company. • Provide exposure to all the others for the product, • Allow early feedback to work out bugs in the product or the marketing approach. |
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What Influences the Speed and Rate of Adoption?
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Relative Advantage and Compatibility
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Compatibility
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fit with existing behavior, practices, norms?---Good example in the book—General Mills tries to make products one-handed—fit with lifestyle on the go
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Divisibility
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ease of trial
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Relative Advantage
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how much better than existing alternatives?
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Reasons for New Product Failures
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--Insignificant point of difference
--Incomplete market and product definition --Too little market attractiveness --Poor execution of marketing mix --Poor product quality or sensitivity to critical needs Poor timing, compared to competitors or world not ready for it --No economical access to buyers |
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Four I's of services
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Intangibility, Inconsistency, Inseparability, Inventory
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Inseparablilty
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Consumers often cannot distinguish the deliverer of the service from the service itself
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Unsought goods
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items that the consumer either does not know about or knows about but does not initially want
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Types of Consumer Goods
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Convience goods
Shopping Goods Specialty Goods Unsought Goods |
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3 classifications of services
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Delivered by people or equipment
Profit or Nonprofit Government Sponsored |
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New-product strategy development
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stage of the new-product process that defines the role for a new product in terms of the firm's overall corporate objectives
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Business Analysis
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involves specifying the features of the product and the marketing strategy needed to commercialize it and making necessary financial projections
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Commericialization
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stage of new product process that involves positioning and launching a new product in full-scale production and sales
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