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Week 7: Product (Product development process (Idea generation, Idea…
Week 7: Product
Product development process
Idea generation
Idea screening
Concept development
Marketing strategy
Business analysis
Product development
Test marketing
Commercialisation
Product Life Cycle
Development
Introduction
Product awareness and trial
Growth
Maximise market share
Maturity
Maximise profit while defending market share
Decline
Reduce expenditure and milk the brand
Diffusion of innovations
Innovators (2.5%)
Early adopters (13.5%)
Early majority (34%)
Late majority (34%)
Laggards(16%)
Total Product Concept
Core (generic) product
problem-solving services/benefits that consumers are really buying
Fundamental benefits
Expected (actual) product
The products characteristics that combine to deliver core product benefits
Augmented product
Additional benefits beyond basic needs
Potential product
What is possible should e desired
Product hierarchy
Product category
group of products with functional coherence
Product line
group of products withing a product class (similar)
Product item
individual product within product line
Product mix
Set of product lines and items
Product
A good, service or idea offered to the market for exchange (Elliot, 2012)
Potential buyer
A product is a complex cluster of value satisfactions
Services
Blends of physical good and services
Challenges
Intangibility
Inseparability
Variability
Perishability
Solution = 7 Ps
Product classification
Consumer products
Convenience
Frequently bought
Shopping
Involves comparison with alternatives
Speciality
Special purchase effort
Unsought
Little knowledge or interest
Industrial products
Materials and parts
Buyer product
Capital Items
Aid buyer's manufacturing/service operations
Supplies and services
Do not enter buyer's finished product
Adoption
Stages
Awareness
Created by promotional activities
Knows little about product
Interest
Seeks information
Evaluation
Decides whether or not they should try it
Trial
Examines/tries out product
Decides whether the product satisfy wants/needs
Adoption
Decides to purchase the product
Evaluates if they will re-purchase it
Rate
Relative advantage
Comparability
Complexity
Trialability
Observability
Product Decisions
Characteristics
Features
Packaging and labelling
Designing and producing the wrapper for the product
Function
To contain and protect
Communicate to customer
Attract
Describe
Meet legal requirements
Environmental issues
Branding
Differentiate those form their competitors
Perception
Experiences
Communication messages
Promise of value
Brand concepts
Brand name
Part of brand can be enunciated
Brand mark
That can be seen but not enunciated
Trademark
Brand name/ brand mark with exclusive right to use
Trade name
Legal name or org.