Lecture 9- Marketing Innovation Flashcards
What are the two different types of products?
Tangible- something you can use your senses with
Non-Tangible- a service
(there is always an element of both)
What are the two different types of goods products?
Durable- lasts long, high risk involved
Non-Durable- doesn’t last long, needs lots of marketing
What is a convenience product?
routine purchases, normally cheap
toothpaste, hand soap, milk
What is a shopping product?
Infrequent buying, fairly expensive
cameras, TVs, briefcases, airline tickets
What is a specialty product?
one off purchase, usually very expensive, high risk
branded watches, cars
What is an unsought product?
things we do not like to buy but have to buy
burial insurance
textbooks
What is innovation?
new innovations
What is process innovation?
organisation coming up with new ways to produce
What is technology innovation?
new technology to make it easier for consumers to buy or use your product
What is strategy innovation?
new strategies for how you market your product
