Value Through Products/ Chapter 8 Flashcards
1
Q
what is a product?
A
Anything that can be offered to a market for attention, acquisition, use or consumption and that might satisfy a need or want
- Tangible?
- Features that provide benefits to the customer
- Value
2
Q
what types of new products are there?
A
- product replacement (45%) consumers needs and wants change e.g. new iPhone
- additions to existing lines- e.g. wheetabix, oatabix (25%) add to range market research
- new to the world products
- new product lines- e.g. mars ice cream (25%) move into new market that organisation hasn’t targeted before
3
Q
how do you create an innovative culture?
A
-be accessible
- reward success heavily
-tolerate failure
clear messages about the role and importance of innovation
4
Q
how does the marketing directors organise effectively for new product development?
A
- encourage teamwork
- improve provision of marketing info to R&D
- learn about technology
- formalise the product development and process
5
Q
how does the senior directors organise effectively for new product development?
A
- make organisation design changes
- encourage teamwork
- increase resources
- understand marketing importance
6
Q
What is the 8 stage new product development process?
A
- new product strategy
- idea generation
- screening
- concept testing
- business analysis
- product development
- market testing
- commercialisation
NEW PRODUCTS
7
Q
what types of concept testing is there?
A
- techniques
- group discussions
- online market research
- the scenario method
8
Q
what are the key issues in product development ?
A
- target costing
- time to market
- marketing’s role
- product testing
9
Q
why re brand?
A
- merger or acquisition, could be combo of names
- desire to create new image/ position in market place
- brand familiarity
- legal problems
10
Q
what are ethical issues in branding ?
A
- product safety- genetically modified products
- planned obsolescence - products not designed to last a long time - what is an acceptable length of time
- deceptive packaging - occurs when a product appears in an oversized package to create the impression that the consumer is buying more than is the case- labelling can be misleading.
