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27 Cards in this Set
- Front
- Back
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What is a product?
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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 |
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What is a service?
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a service is any act or performance
one party can offer to another that is essentially intangible and does not result in ownership of anything |
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When do you use Services to Differentiate Products?
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When the physical product cannot easily
be differentiated, the key to competitive success may lie in adding valued services and improving their quality |
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what are Components of the Market Offering?
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1. Attractiveness of the market Offering
2. Services mix and quality 3. Product features and quality 4. Value-based prices |
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How can Product Differentiation?
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Product form
Features Customization Performance Conformance Durability Reliability Repairability Style |
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What are examples of Service Differentiation?
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Ordering ease
Delivery Installation Customer training Customer consulting Maintenance and repair Returns |
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What is The Product Hierarchy?
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Need family
Product family Product class Product line Product type Item |
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Product Map for a Paper-Product Line?
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see slide
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Product and brand positioning map?
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see slide
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Packging the product
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Packaging, sometimes called the
5th P, is all the activities of designing and producing the container for a product |
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What are Packaging Objectives?
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Identify the brand
Convey descriptive and persuasive information Facilitate product transportation and protection Assist at-home storage Aid product consumption |
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What is Product-Line Length?
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Line Stretching
Downmarket Upmarket Two-way Line Filling Line Modernization Line Featuring & Line Pruning |
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Describe line stretching?
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Down-Market Stretch
Up-Market Stretch Two-Way Stretch |
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Two-Way Product-Line Stretch: Marriott Hotels
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see slides
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what's The New Product Development Decision Process?
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1. Idea generation- is the idea worth considering? if no drop
2. idea screening- is the idea compatible with company objectives, strategies ans resources? if no drop 3. Concept devlopement and testing- would consumers try it?if no drop 4. marketing strategy developement- can we find a cost-effective strategy?if no drop 5.Business analysis- will it meet the profit goal? if no drop 6. Product development- have we got a technically and commercially sound product? if no drop 7. Market testing- have they met sales expectations? if no send to product development or drop 8. Commercialization- are sales mtg expectations? if no-modify mktg program-if yes- lay future plans |
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What are the Categories of New Products?
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New to the World
Additions Improvements Repositionings Cost reductions |
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Name the concept testing?
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Communicability and believability
Need level Gap level Perceived value Purchase intention User targets, purchase occasions, purchasing frequency |
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what are Characteristics of an Innovation?
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Relative advantage
Compatibility Complexity Divisibility Communicability |
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what are Idea Generation: Creativity Techniques?
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Attribute listing
Forced relationships Morphological analysis Reverse assumption analysis New contexts Mind mapping |
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What are some examples of Lateral Mapping?
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Gas stations + food
Cafeteria + Internet Cereal + snacking Candy + toy Audio + portable |
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What are Factors That Limit New Product Development?
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Shortage of ideas
Fragmented markets Social and governmental constraints Cost of development Capital shortages Faster required development time Shorter product life cycles |
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Why do New Products Fail?
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“Over Championing”
Overestimated Demand Poor Design Poor Marketing Execution High Development Costs Strong Competitive Reaction |
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what is the Consumer Adoption Process?
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1. awareness
2. interest 3. evaluation 4. trial 5. adoption |
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Relative Time of Adoption of Innovations
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see slides
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What are Distinctive Characteristics of Services?
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Intangibility
Inseparability Variability Perishability |
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What are Matching Demand and Supply?
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Demand side
Differential pricing Nonpeak demand Complementary services Reservation systems Supply side Part-time employees Peak-time efficiency Increased consumer participation Shared services Facilities for future expansion |
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what are some best practices?
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Strategic Concept
Top-Management Commitment High Standards Self-Service Technologies Monitoring Systems Satisfying Customer Complaints Satisfying Employees |
