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Market

By | March 2013
Page 1 of 7
Chp 10+11 (New Product &Product Management)
Key factors-Fail products 1-not sig different-2 no economical access to buyers(cant get in stores)-3 Incomplete mrkt & product definition b4 product development Need to have (a) well defined target mrkt, (b) specific customers’ needs & wants (c) what the product will be & do in terms of satisfying target consumers’ needs/wants 4- bad timing(Zune) 5- poor quality. 6- Poor execution of the marketing mix(name, $$, package, promote & distribution. 7- too little mrkt attractiveness ( ideal is large trgt mrkt w/ high growth & real buyer need, often trgt mrkt is too small or competitive to warrant the huge necessary to reach it) Product Lines- a group of products that are closely related because they are similar in terms of customers needs+wants, mrkt segment, sales, outlets or prices. Such as nike product lines of shoes+clothes. Product Mix- all the product lines offered by a company ex. Fortune brand has product mix of sports eqipt and plumbing sply. Classification of good- Convenience prdct: toothpast-inexpensive-widespread-aware of brand-substitues accepted- frequent purchase(little time/effort spent shop). Shopping Pdct: cameras,TVs,briefcase,plane ticket- fairly expensive-large # of selective outlets-differentiation from competitors stressed-prefer specific brands but will allow subs-infequent purchase; needs lot of comparison shopping time. Specialty P: rolls-royce,rolex,heart surgery- very expensive-very limited-uniqueness of brand & status stressed-prefer specific brand will not accept subs-infrequent purchase; need extensive search and decision time. Unsought P: burial insurance, thesaurus- price vary-often limited-awarness is essential-will substitute- very infrequent; some comparison shop. Buisness Goods (B2B): prdct organizations buy that assist directly or indirectly in providing other products for resale.ex imac sold for personal + business firms- sold through salesperson...
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