Product Development and Standardization

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Product Planning and Standardization
Product
* Something produced through labor, thought and growth.
* It is simply a set of tangible physical and chemical attributes assembled in an identifiable form.

New Product
* It can be a replacement product for some but imitative to the other.

Classification of New Product

1. Innovative Product
* These product were created upon realization of an unanswered need in the market which has not been fulfilled by any substitutes.

2. Replacement Products
* Those with significant difference from existing products.

3. Imitative Products
* These are product new to the imitating company but not from the other companies.

Product Planning and Development
* Systematic process for originating, developing and evaluatingnew product ideas.

Steps in Product Development
1. Idea Generation
2. Screening of Ideas
3. Formal Business or Economic Analysis
4. Product Development
5. Test Marketing
6. Commercialization

Stage in the Product Life Cycle
1. Introduction Stage
* Stage when the product is launched in the market.
2. Growth Stage
* When sales and profit increase.
3. Maturity Stage
* Sales and profit start to decline.
4. Decline Stage
* As new comes in, they replace the old ones.

Reasons Why New Product Fail
1. Inadequate market analysis
2. Product deficiencies
3. Lack of effective market effort
4. Competitive strength and reaction
5. Poor timing of introduction
6. Technical or production problems

Possible Solutions to Avoid Product Failure
1. Strengthening new product planning
2. Better marketing research
3. Improved screening and evaluation of ideas and product

Brands
* Is a word, mark, symblol, or a combination of them used to identify the marketer’s product or source. Brand name
* Is something that can be vocalized or spoken
Trademark
* Brand register under the...
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