Product and Promotion Flashcards
What are Markets
- Entities with surplus resources and unfulfilled goals.
- Products are the engines that take in consumers surplus resources and transform them into goal fulfillment.
What is a product?
It is an offering from the firm.
Tangible offerings are called?
Goods
Intangible offerings are called?
Services
Are most offerings pure goods and services?
No, most offerings are hybrids (both goods and services)
What are product characteristics?
- Set of features that drive benefits
- Form
- Packaging
- Branding
What is the description of a NEW PRODUCT?
- The first way of addressing a need
- A different way of addressing a need
- A platform that creates new needs
Are New Products Risky?
Yes, risk can be reduced by understanding customers (preference space), technology, segments, targeting, research, execution.
What are the 2 different parts to a New Product?
- Development
- Marketing
How can one describe a Breakthrough Product?
-Difficult because of experience, boundary spanning and lateral thinking.
Incremental
Easier because of experience
-Includes: continuous refinement, re-segmentation, better ways of cost control,
Why is New Product important?
- Generate new markets
- Revenue streams
- Anticipate threats to existing offerings
What are the drivers of New Product Acceptance?
- Compatible
- Triable
- Observable
- Speed
- Simplicity
- Relative Advantage
- Product Symbolism
What is the Marketers Role?
- What is the MARKET SIZE
- are we capable of REACHING SEGMENTS
- what are CUSTOMER REQUIREMENTS
- what is the PRICE
- whom are our COMPETITORS
- how do we ARICULATE THE VALUE PROPOSITION
Describe the buying sequence…
- Awareness
- Interest
- Desire
- Action
