Chapter 6: Product and innovation management Flashcards
why the product is important in marketing mic
company cannot fail product management because it costs a lot/ more difficult to reverse tackle.
generally speaking, product should come first because it’s the most strategic.
three classification of product
non- durable products: can be used once or a few times before having to be replaced.
durable products: last for many uses and over a long period before having to be replaced.
service products:intangible products comprising activities, benefits or satisfactions that are not embodied in physical products.
user-based classifications
convenience goods: relatively inexpensive, frequent purchases which respond to routine response buying situations.
shopping goods: represent more of a risk and an adventure to consumers
speciality goods: high risks, expensive and infrequently purchase products
unsought goods: in an emergency
Product systems and mixes
Product systems:
Product mix/ assortment ：
Product line:
Product item:
Width:
Length:
Depth:
Consistency:
many benefits of branding
improved perceptions of product performance
greater loyalty
less vulnerable to competitive marketing actions
less vulnerability to marketing crises
larger margins
more inelastic consumer response to price decreases
greater trade cooperation and support
increased marketing communication effectiveness
possible licensing opportunities
additional brand extension opportunities
improved employee recruiting and retention
greater financial market returns.
how to achieve resonance
Stages of brand development
- identity
- meanig
- response
- relationships
brand element choice criteria
・memorable ・meaningful ・likeable ・transferable ・adaptable ・protectable
the growth-share (BCG) Matrix
star → Problem Child→ Cash c cow pet
the GE Matrix
types of new products
- new product lines 6. new to the world products
- Revisions/ improvements to existing products 4. Assitions to existing product lines
- Cost reductions 2. Repositioning
types or new products
incremental innovation market breakthrough
technological breakthrough
radical innovation
factors affecting the failure of NPD
the better mousetrap no one wants the me-too meeting a competitive brick wall. competitive one-upmanship environmental or market ignorance the technical dog the price crunch
new product planning process
idea screening business analysis development testing launch
