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Marketing Mix - Product (Failure or Success Kotler & Armstrong…
Marketing Mix - Product
4 Ps
Place
Promotion
Product
Price
7 PS
Physical Evidence
People
Process
Product
(Services / Physical Goods)
Features
Styling
Branding
Quality
Packaging
Four Types of Product
Shopping
Speciality
Convenience
Unsought
Augmented Product
After-Sale Service
Warranty
Installation
Delivery and credit
New Product Development
Kotler & Armstrong Steps
Concept Testing
Target Consumers
Market / Business Analysis
Kotler & Armstrong: 1. Target Market 2. Planned Value Proposition 3. Sales, Market Share & Profit Goals
Idea Screening
Days Criteria: Is it real? Can we win? Is it worth doing?
Product Development
Concept into a prototype
Idea Generation
Research Labs / Reviews / Competitors Technology
Test Marketing
Test prototype with consumer market or Lab / Store
New Product Planning
Analysing Micro & Macro Environment
Commercialisation
Full scale launch of new product
Failure or Success
Kotler & Armstrong
Incorrect Positioning
Unsuitable Launch Timing
Poor Product Design
Inappropriate Pricing
Higher Development Costs
Poor Promotion
Disregarding Market Researcg
Aggressive Competition
Overestimation of Market Size
Core Product
Actual Product
