Marketing Mix Product p 1 PDF

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Summary

Product marketing part 1...

Description

Marketing Mix Product Product = Something your selling, so its product and service such as a carwash or even a person, place, events, organization, and ideas. These are all things we market.

Three levels of product: -

Core product: Not the tangible product, the benefit that makes it valuable to a consumer. For example, command strips, you buying something to hang up pictures. Actual product: the tangible product, can be tested, bought, touched, and consumed. Augmented product: not the physical product, but the added value. For example, the insurance of a car.

Consumer product classification group: -

Convenience product: minimal effort and thought, prices are similar, mass promotion. (toilet paper, chips) Shopping products: not as often bought, price shop and quality, style, they aren’t available everywhere but are mass promotion and personal selling. ( gym, clothing) Specialty product: more effort, more expensive, targeted promotion. (wedding dress, car) Unsought products: Consumers don’t think of them often until they are told. (insurance)

Ways to launch: -

Acquisition: buy an existing company or license to produce. (Facebook takes over Instagram) New product development: new brand, new everything, product improvement. (iPhones) ● Idea generation (looking for ideas) ● Idea screening (the process of elimination ) ● Concept development and testing (testing and collecting opinions) ● Marketing strategy development ( who, when, where, and how) ● Business analysis ( reviewing sales costs and profit) ● Product development (beta testing ) ● Test marketing ( introduce the product in a limited market) ● Commercialization ( full-scale introduction)

Products may fail because: -

Lack of being different Diffusion of innovations theory ( social sciences theory - how do people adapt to a new idea and how does it fit in) Timing of launching Doesn’t match the hype people are expecting to get. Insufficient market You misunderstood the market Lack of marketing support...