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1. can we produce it
1. can we produce it
2. can we sell it
2. costs
For many businesses product
development is infrequent
Feasibility study
All businesses
Invention or Innovation
Product development begins An idea that is based on solving a problem for
with
consumers
Innovation is
1. idea generation
development
2. idea screening
3. concept development
4. market strategy
5. feasibility study
6. product design
7. test marketing
8. Market Entry
Prototype
1. market strategy
2. product design
Primary market
Utility
Utility affects
Types
1. form
2. information
3. place
4. time
5. possession
Function
Form follows function means: The products looks will be dictated by what its
intended to do
Components of the Form
Utility
1. material
2. scent
3. flavour
4. colour
5. design
6. packaging
Information utility
Place utility
Possession Utility
1. payment plans
2. lower price
Perception is Reality
Positioning allows us to
1. Benefit
2. target
3. price
4. distribution
5. service
Benefit positioning
Price Positioning
If a marketer chooses a price in the middle range, they must use a different positioning
strategy!
A luxury good offers
Consumers of luxury
products want
1. caviar
2. diamond watches
3. expensive ties
Be sure to provide it
It is possible that if a
product boasts the same
Examples:
1. Avon
2. Amazon
Service Positioning
Examples:
1. convenience stores
2. free installation
Ikea uses price and service Low price, less service because products not assembled
in combination.
6.4 Branding
Business creates a brand forA distinct identity
a product to give it
Why?
Product Differentiation
includes
A brand consists of
Includes:
Commodities
Unbranded products
Why dont farmers need to They sell stuff like potatoes, lettuceall the same
engage in marketing
activities?
Commodity marketing is
usually conducted by:
Marketing boards
Corporate dominant
Examples:
1. Roots
2. Mastercraft
3. Presidents Choice
4. Kelloggs
5. Nike
Product Dominant
Examples:
1. Zest
2. Kodiak
3. Luvs
Logo
Includes:
3 types of logos:
1. monogrammatic
Example:
2. Visual Symbols
Example:
3. Abstract Symbols
Example:
Slogans
Brand Strategies
Brand Strategies
1. Support
2. Develop Extension
3. license
4. co-brand
5. acquire
Brand Extension
Examples:
1. coke/diet coke
2. Humpty Dumpty chips/Cheezys
3. Nike apparel/golf clubs
Licensing: similar to
Themselves
Glocal means:
4. Similarity of
Products
5. Similarity of marketsThe more similar the market is to your own the easier
it is to push the same product
6. Competition in
foreign markets
7. Cultural
Associations
8. Changing Dynamics Brand can be local one day and international the next