Please enable JavaScript.
Coggle requires JavaScript to display documents.
Formulating an offering PRODUCT - B207, block 1, reading 6 (Failure…
Formulating an offering
PRODUCT
- B207, block 1, reading 6
Marketing mix
4P's
Place
Price
Product
Promotion (Distribution)
5P
People
6&7P
Process
Physical evidence
Product
Type
Idea
Goods
Service
Convenience
frequent
e.g. milk
low investment
low involvement
Shopping
less frequent
selected on...
price
e.g. furniture
quality
Style
Speciality
special purchase
expensive
strong brand preference
e.g. luxury items, car
Unsought
little knowledge e.g. new
little interest e.g. insurance
Level of benefits
Actual
Features
Styling
Packaging
Brand name
Quality
Augmented
After-sales
Warrenty
Delivery/credit
Installation
Core
New product development
New product planning
Review
Current
SWOT
Idea generation
Research Lab
Periodic reviews
Open call
Internal
External
other organisations
competitors
collaboration
Idea screening
Good
Bad
Day, 2007
Is it real?
Is the product real?
Is the market real
Can we win?
Competitive product?
Competitive market?
Is it worth doing?
Strategic sense?
Profitability v risk
Concept testing
More detail
Targeted consumers
Feedback
Market/business analysis
Strategy
Target market
Budget projections yr1
distribution
marketing
price
Goals yr2, 3
Sales
Market share
Profit
Product development
Concept
Prototype
Test marketing
Controlled
Panel of consumers
Standard
Limited real market
Simulated
Laboratory
Virtual store
Commercialisation
Full scale launch
Timing
Costly
Failure (Kotler & Armstrong, 2016)
Poor design
Incorrect postioning
High development costs
Launch timing
Ignore Market research
Inappropriate pricing
Overestimate market size
Poor promotion
Aggressive competition
Succeed (Cooper, 2012)
VoC
Front-end loading
Unique/ superior
Tight scoping
Circular reflection
Global appeal
Solid marketing plan
Speed counts!