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Reading 6: marketing mix - products (product planning (2 ideas generation,…
Reading 6: marketing mix - products
Ps of mkt mix
Traditional 4Ps (non service)
product
place
price
promotion (distribution)
Extended: +2Ps to make 7Ps (service)
process
physical evidence
5th P (extended)
People
product (offering)
informed by
development based on marketing research (cust needs & expectations)
packaging design
branding
after-care service/support
product benefit levels
Augmented product (instal, deliv & credit, warranty, after-sales)
Actual product (packaging, brand name, qual, styling, features)
Core product (core benefit of service)
product main types
convenience (freq purchase, low investment/involvement - milk)
shopping (less freq purchase selected on price, qual & style - furniture)
speciality (luxury items)
unsought (little knowledge - invention - or little interest - insurance)
innovation often at actual product level (due to high cost)
new packaging
new styling
new features
product planning
1 planning: analysis of:
micro & macro environments
competitive positions of org and competitors
differneital advantage
marketing informaiton
TOOLS: Ansoff & SWOT
2 ideas generation
research labs
periodic reviews (product and product portfolio)
open calls (internal or external)
serendipitous suggestions
competitors or other orgs
collaboration
3 idea screening
selection of most promising ideas to further develop
set criteria applied across ideas (real, win, worth it' (R-W-W) Day (2007))
4 concept testing
gauge reaction of target consumers to product concept
concept could = words, images, physical representation
set of questions to understand target consumer reactions
5 market/business analysis
market strategy development
target market
planned value proposition (price, distribution and marketing budget for 1st yr)
sales, market share, and profits goals for 1st few years
6 product development
translate concept into prototype
prototype used to gauge target consumer reaction
7 test marketing
full marketing mix
time consuming & expensive and could invovled
labs (simulated test markets)
consumer panel (controlled test markets)
limited retail setting (standard test markets)
8 commercialisation
5 failure or success
failure :red_cross:
aggressive competition from competitors
inappropriate pricing
incorrect positioning
higher than expected product devel costs
overestimation of market size
disregarding marketing research
poor product design
unsuitable launch timing
poor promotion
sucess :check:
unique superior product
building in the voice of client
doing homework and front-end loading the project
getting sharp and early product and project definitions
spiral development
the world product
well-conceived, properly executed launch
Speed counts :!: