Home | | Marketing Management | Marketing Decisions

Chapter: Business Science - Marketing Management - Marketing Decisions

Study Material, Lecturing Notes, Assignment, Reference, Wiki description explanation, brief detail

Marketing Decisions

What is a Product? A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers which they receive in exchange for money or some other unit of value.

MARKETING DECISIONS

 

1.What is a Product?

 

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers which they receive in exchange for money or some other unit of value.

 

 

• NPD is a process which designed to develop, test and consider the viability of products which are new to the market in order to ensure the Growth or survival of the organisation.

 

1.                 The stages a firm goes through to identify business opportunities and convert them to a salable good or service.

 

2.What is a new product?

A product that opens an entirely new market

A product that adapts or replaces an existing product

 

A product that significantly broadens the market for an existing product An old product introduced in a new market

 

An old product packaged in a different way An old product marketed in a different way

 

3.Why develop NPD

To add to product portfolio

 

To create stars and cash cows for the future To replace declining product

 

To take advantage of new technology To defeat rivals

 

To maintain/increase market share To keep up with rivals

 

To maintain competitive advantage To full gap in the market

 

4.New product can be used

 

Increase/defend market share by offering more choice or updating older products Appeal to new segments

 

Diversify into new markets

Improve relationship with distributors

 

Maintain the firm‗s reputation a leading edge company Even out peaks and troughs in demand

Make better use of the organization's resources

 

5.New Product Development Strategy

 

_ Original products _ Acquisition

 

_ Product improvements _ Product modifications

_ New brands through the firm‗s own R&D efforts

 

 

6.Types of new product

New product the world products – innovative products

New product lines – to allow the firm to enter an existing market

 

Additon to product line – to supplement the firm‗s existing product line Improvements and revisions of existing product

 

Repositioned products – existing products targets at new market

Cost reduction new product that provide similar performance at lower cost

 

7.Examples of new products

 

New to the world – high definition TV, ipod, flat screen TV New products lines – Mars ice creams

 

Additon to the products line – weetabix launched fruitibix Product improvement & replacement new car model

 

Study Material, Lecturing Notes, Assignment, Reference, Wiki description explanation, brief detail


Copyright © 2018-2020 BrainKart.com; All Rights Reserved. Developed by Therithal info, Chennai.