WEEK 1 Flashcards
FIRST ELEMENT in the marketing mix.
PRODUCT
TYPES OF COMPONENTS
PACKAGING AND LABELING
Display of information on its
container or product itself
LABELING
contain and protect, identify and
promote the product
PACKAGING
➢ To defend market share
➢ To position ahead of competition in a market segment
➢ To establish a foothold in the future market
➢ To take advantage of strengths in product distribution
NEW PRODUCT DEVELOPMENT
NEW PRODUCT DEVELOPMENT STEPS:
STEP 1 | IDEA GENERATION
STEP 2 | IDEA SCREENING
STEP 3 | CONCEPT DEVELOPMENT AND TESTING
STEP 4 | BUSINESS ANALYSIS
STEP 5 | PRODUCT DEVELOPMENT
STEP 6 | MARKET TESTING
STEP 7 | PRODUCT COMMERCIALIZATION
The initial stages were any or all of several idea generation techniques (need/problem identification, attribute listing, forced relationships, morphological analysis, brainstorming, etc.)
STEP 1 | IDEA GENERATION
Stage where ideas generated are
screened using predetermined criteria
to reduce them to a manageable few.
STEP 2 | IDEA SCREENING
New product ideas are converted to
customer-centered product concepts,
Tested for acceptability, believability,
and potential intent.
STEP 3 | CONCEPT DEVELOPMENT AND TESTING
Pencil pushing stage, probable sales of
new product are calculated
together with its cost and potential
profitability.
STEP 4 | BUSINESS ANALYSIS
● Concept is converted into a tangible
working prototype
STEP 5 | PRODUCT DEVELOPMENT
New products are marketed in a small
geographical area to determine
wether fine tuning of attributes,
positioning, pricing, advertising, and
promotions programs are necessary.
STEP 6 | MARKET TESTING
● Final stage– product is launched
STEP 7 | PRODUCT COMMERCIALIZATION
