Please enable JavaScript.
Coggle requires JavaScript to display documents.
the marketing mix - product (4 p's (extended 7 p's (service,…
the marketing mix - product
4 p's
price
promotion
place
product
extended 7 p's
service
process
physical evidence
people
play a role in meeting consumer needs
research
analysis
planning
product
3 levels
augmented
installation
delivery and credit
after sale service
warranty
actual
packaging
features
styling
quality
brand name
core
core benefit of service
4 main types
convenience
frequent purchase
low investment
low involvement
eg milk, tissues
shopping
less frequent
selected on price
selected on style
selected on quality
eg furniture, computers
speciality
special purchase
expensive
strong brand preference
luxury items
unsought
little knowledge
eg a new invention
little interest
eg insurance
new product development
Crawford 5 phase process
opportunity identification and selection
concept generation
concept/project evaluation
4.development (technical and marketing)
launch
extended steps
new product planning
review performance
identify threats
identify opportunities
analyse
micro environment
macro environment
competitive positions
differential advantage
marketing information
useful tools
swot
Ansoff matrix
idea generation
ideas
research labs
periodic reviews
open calls for suggestions
competitors
collaboration
organisational objectives
idea screening
match organisational objectives and resources
is it real
market
need
desiure
will it be bought
adequate potential market size
product
clear concept
can it be made
will it satisfy
can we win
is the product competitive
competitive advantage?
sustain advantage?
competitor response
company competitive?
superior resources?
appropriate management?
understand/respond to the market
is it worth it
profitable?
returns greater than costs?
risks acceptable?
makes strategic sense
fit overall growth strategy?
be supported?
select most promising
screen out less promising
concept testing
assess reactions
small sample of buyers
more detailed
ask questions
focus groups
online forums
market/business analysis
potential
sales
profits
costs
marketing strategy
3 parts
target market
planned value proposition
price
distribution
marketing budget
sales
market share
profit goals
product development
produced
technically
cost-effectively
translate into prototype
gauge reactions to physical product
test marketing
introduce
limited geographic area
representative marketing channel
determine
reactions
sample launch
test marketing mix
test prototype
allows for adjustments to be made
commercialisation
refining
settling
full scale production and marketing
timing important
full launch
expensive
use evaluated feedback
failure or success
product can be dropped at any stage
reasons for failure
overestimation of market size
disregard for market research
high costs
poor design
incorrect positioning
unsuitable launch timing
pricing
promotion
competition
lack of prep
few succeed
8 success drivers
unique superior product
voice of customer
market driven
customer focused
do homework
early definition
world product
appeals to international markets aswell
proper launch
speed
not at the expense of quality of execution
adapt to local conditions