PRODUCT FAILURE ASSIGNMENT
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What is a Product?
Products are at the heart of marketing. The product needs to exist for the other elements of the mix to happen.
A product is: “anything that is capable of satisfying customer needs”
This definition therefore includes both:
Physical Products: DVD player, pizza, microwave, car, shoes
Services: dental treatment, photography, interior design, banking
A product is: “anything that is capable of satisfying customer needs”
This definition therefore includes both:
Physical Products: DVD player, pizza, microwave, car, shoes
Services: dental treatment, photography, interior design, banking
Proctor and Gamble has a BIG Product Mix
Product Mix: all the different products a company makes or sells.
Product Line: a group of closely related products
Product Item: one single product within a line
Product Depth: number of different products offered in a product line. For example, General Foods has about a dozen
different products in its coffee product line.
Product Width: the number of product lines in the product mix
Product Line: a group of closely related products
Product Item: one single product within a line
Product Depth: number of different products offered in a product line. For example, General Foods has about a dozen
different products in its coffee product line.
Product Width: the number of product lines in the product mix
What are the stages of Product Development?
There are six stages of new product development.
1. Idea Generation
To start a new product it is needed to make a system, search for new product ideas. To develop a new product the company has to generate so many ideas. For example, Pharmaceutical companies may require
about 8000 starting ideas for a successful new product.
2. Idea Screening
When the company collect ideas from different resources the stage come to screen the entire ideas.
3. Business Analysis
After management develops the product concept and marketing strategy, it can evaluate the proposal’s business attractiveness. Management needs to prepare sales, costs, and profit projections to determine business objectives. To estimate sales, the company might look at sales history and conduct surveys of market opinion. It can then
estimate minimum and maximum sales to assess the range of sale. After preparing the expected cost and profit
for the product, including marketing R&D manufacturing accounting, and finance cost.
4. Product Development
If the production concept passes the business test, it moves to R&D or engineering to be developed into a physical
production. This stage is where a prototype is created.
5. Testing Market
After the satisfaction of the management with functionaland physical performance the product is ready to dress up with a brand name and packing and put into market test. The cost of marketing test may be enormous, and take time that may allow competitors to gain advantages. If management is confident about new product, then company may do little or not test marketing.
6. Commercialization
It is the next stage when the company introduce new product into market. Company will face its largest costs. In this stage the company must arrange full scale manufacturing facility. The company may spend in millions on advertising, sales promotion of new product in the first year.
1. Idea Generation
To start a new product it is needed to make a system, search for new product ideas. To develop a new product the company has to generate so many ideas. For example, Pharmaceutical companies may require
about 8000 starting ideas for a successful new product.
2. Idea Screening
When the company collect ideas from different resources the stage come to screen the entire ideas.
3. Business Analysis
After management develops the product concept and marketing strategy, it can evaluate the proposal’s business attractiveness. Management needs to prepare sales, costs, and profit projections to determine business objectives. To estimate sales, the company might look at sales history and conduct surveys of market opinion. It can then
estimate minimum and maximum sales to assess the range of sale. After preparing the expected cost and profit
for the product, including marketing R&D manufacturing accounting, and finance cost.
4. Product Development
If the production concept passes the business test, it moves to R&D or engineering to be developed into a physical
production. This stage is where a prototype is created.
5. Testing Market
After the satisfaction of the management with functionaland physical performance the product is ready to dress up with a brand name and packing and put into market test. The cost of marketing test may be enormous, and take time that may allow competitors to gain advantages. If management is confident about new product, then company may do little or not test marketing.
6. Commercialization
It is the next stage when the company introduce new product into market. Company will face its largest costs. In this stage the company must arrange full scale manufacturing facility. The company may spend in millions on advertising, sales promotion of new product in the first year.
What is the Product Life Cycle?
All products have a particular life span, which is called the product life
cycle. The length of time a product is on the market is largely contingent upon its competition, technology and even the savvy of a company's marketing
department. One of the best ways of extending a product's life cycle is to
continuously garner feedback from consumers, finding out what they need and want from a particular product and to create product depth.
cycle. The length of time a product is on the market is largely contingent upon its competition, technology and even the savvy of a company's marketing
department. One of the best ways of extending a product's life cycle is to
continuously garner feedback from consumers, finding out what they need and want from a particular product and to create product depth.
What is product positioning?
Product positioning is an important element of a marketing plan. Product positioning is the process marketers use to determine how to best communicate their products' attributes to their target customers based on customer needs, competitive pressures, available communication channels and carefully crafted key messages. Effective product positioning ensures that marketing messages resonate with target consumers and compel them to take action.
Using the template, a positioning statement can be structured like this:
For (target customer or market)…
Who (have a compelling reason to buy)….
Our product is a (product’s placement within a new or existing category)….
That provides (key benefit that directly addresses the compelling reason to buy) Unlike (primary alternative source [that is, competitor] of the same benefit)
Our product (key difference or point of differentiation in relation to the specific target customer)
How important is branding?
A brand as a "name, term, sign, symbol or design, or a combination of them
intended to identify the goods and services of one seller or group of sellers
and to differentiate them from those of other sellers. Therefore it makes sense to understand that branding is not about getting your target market to choose you over the competition, but it is about getting your prospects to see you as the only one that provides a solution to their problem.
The objectives that a good brand will achieve include:
1. Delivers the message clearly
2. Confirms your credibility
3. Connects your target market to you emotionally
4. Motivates the buyer
5. Creates loyalty and repeat purchases
To succeed in branding you must understand the needs and wants of your customers and prospects. You do this by integrating your brand strategies through your company at every point of public contact.
Your brand resides within the hearts and minds of customers, clients, and prospects. It is the sum total of their experiences and perceptions, some of which you can influence, and some that you cannot.
A strong brand is invaluable as the battle for customers intensifies day by day. It's important to spend time investing in researching, defining, and building your brand. After all your brand is the source of a promise to your
consumer. It's a foundational piece in your marketing communication and one you do not want to be without.
Check your notes for additional branding terms: Brand Name, Brand Mark, Trade Character, Generics, Private Label, Trademark, Service Mark
intended to identify the goods and services of one seller or group of sellers
and to differentiate them from those of other sellers. Therefore it makes sense to understand that branding is not about getting your target market to choose you over the competition, but it is about getting your prospects to see you as the only one that provides a solution to their problem.
The objectives that a good brand will achieve include:
1. Delivers the message clearly
2. Confirms your credibility
3. Connects your target market to you emotionally
4. Motivates the buyer
5. Creates loyalty and repeat purchases
To succeed in branding you must understand the needs and wants of your customers and prospects. You do this by integrating your brand strategies through your company at every point of public contact.
Your brand resides within the hearts and minds of customers, clients, and prospects. It is the sum total of their experiences and perceptions, some of which you can influence, and some that you cannot.
A strong brand is invaluable as the battle for customers intensifies day by day. It's important to spend time investing in researching, defining, and building your brand. After all your brand is the source of a promise to your
consumer. It's a foundational piece in your marketing communication and one you do not want to be without.
Check your notes for additional branding terms: Brand Name, Brand Mark, Trade Character, Generics, Private Label, Trademark, Service Mark
What is product placement?
Product placement is the promotion of branded goods and services within the context of a show or movie, rather than as an explicit advertisement
Does Digital Product Placement hurt content?
How do you classify products?
Consumer products are those, which are used by the customer for consumption or for household use. Industrial products are used in business. Consumer products are further classified and divided into: Convenience Products, Shopping Products, Specialty Products and Unsought Products.
Packaging is an important marketing function.
Packaging is a very important influence in consumer purchasing decisions. Although the
most important function of packaging is to minimize product damage, color schematics are essential since a product must be visually appealing to garner consumer attention. The company name should also be visible on an effective package, particularly when good product branding has created consumer trust in the company. Packaging also includes quantifiable product information, some of which can be required by law such as expiration dates.
most important function of packaging is to minimize product damage, color schematics are essential since a product must be visually appealing to garner consumer attention. The company name should also be visible on an effective package, particularly when good product branding has created consumer trust in the company. Packaging also includes quantifiable product information, some of which can be required by law such as expiration dates.
product_packaging_and_labeling.ppt | |
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