Mba Marketing Notes
Chapter 11, Class Notes
Contents For Chapter 11 Notes
• Introduction
• Differences between Goods and Services
• Classifying Products
• Elements of the Product Mix
• Product Positioning and Repositioning
• Positioning Existing Products
• Positioning New Products
• Developing and Managing New Products
• Developing New Products
• Why New Products Fail?
• Seven Phases to New Product Development
• New Product Strategy Development
• Idea Generation
• Product Screening and Evaluation
• Business Analysis
• Product Development
• Test Marketing
• Commercialization
• Buyers' Production Adoption Process
• Diffusion Process
• Return to Syllabus
• Return to Homepage
Introduction
We are now focusing on the major elements of the marketing mix, the ingredients of the marketing mix.
First element...The Product!!
Product Planning refers to the systematic decision making related to all aspects of the development and management of a firms products including branding and packaging.
Each product includes a bundle of attributes capable of exchange and use.
Product definition:
A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value.
Return to Contents
Differences between Goods and Services
Goods are tangible. You can see them, feel them, touch them etc.
Services are intangible. The result of human or mechanical efforts to people or objects.
Major distinguishing characteristics of Services: • Intangibility-major component of a service is intangible • Pershibality-many cannot be stored for future sales Airline/Amusement ride Number of hair cut hours in one week: i.e., if Christies employs 3 people, who work forty hours per week, they have potentially 120 hair cut hours to offer. If they do not have any customers at a particular period during the day, they will lose the opportunity to cut hair at that time and
Contents For Chapter 11 Notes
• Introduction
• Differences between Goods and Services
• Classifying Products
• Elements of the Product Mix
• Product Positioning and Repositioning
• Positioning Existing Products
• Positioning New Products
• Developing and Managing New Products
• Developing New Products
• Why New Products Fail?
• Seven Phases to New Product Development
• New Product Strategy Development
• Idea Generation
• Product Screening and Evaluation
• Business Analysis
• Product Development
• Test Marketing
• Commercialization
• Buyers' Production Adoption Process
• Diffusion Process
• Return to Syllabus
• Return to Homepage
Introduction
We are now focusing on the major elements of the marketing mix, the ingredients of the marketing mix.
First element...The Product!!
Product Planning refers to the systematic decision making related to all aspects of the development and management of a firms products including branding and packaging.
Each product includes a bundle of attributes capable of exchange and use.
Product definition:
A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value.
Return to Contents
Differences between Goods and Services
Goods are tangible. You can see them, feel them, touch them etc.
Services are intangible. The result of human or mechanical efforts to people or objects.
Major distinguishing characteristics of Services: • Intangibility-major component of a service is intangible • Pershibality-many cannot be stored for future sales Airline/Amusement ride Number of hair cut hours in one week: i.e., if Christies employs 3 people, who work forty hours per week, they have potentially 120 hair cut hours to offer. If they do not have any customers at a particular period during the day, they will lose the opportunity to cut hair at that time and