Please enable JavaScript.
Coggle requires JavaScript to display documents.
Reading 6 - Marketing Mix - Product - Coggle Diagram
Reading 6 - Marketing Mix - Product
7P's
Price
Process
Promotion (distribution)
Physical Evidence
Place
People
Product
Product - Goods/Services or a combination to make an offering
Shopping - Selected on price/quality/style - furniture
Specialty - Expensive - designer luxury brands
Convenience - frequently purchased i.e. Milk/bread
Unsought - new product or little interest such as insurance
5 step new product process
Phase 3 Concept/project evaluation
Phase 4 Development
Phase 2 - Concept generation
Phase 1 - Opportunity identification & selection
Phase 5 Launch
Kotler & Armstrong extend new product process
Idea screening - Assess how well ideas match objectives and resources
Concept testing - Test product on small number of potential buyers and ask for feedback
Idea generation - Generate ideas alongside organisations objectives
New product planning - Review current performance & evaluate threats and new opportunities
Market analysis - Evaluate product potential sales, cost and profit
Product development - Determine if can be produced and if cost effective
Test marketing - sample launch
Commercialisation - Refining and settle plans for full scale launch
Screening for success - Real/Win/Worth it
Day 2007
Select best ideas using criteria
Collect data using focus groups/online forums/online brand communities/concept testing
3 parts - Target market/Planned proposition/sales, market share and profit goals
Reasons for failure : :
incorrect positioning
Unsuitable launch timing
Poor product design
Inappropriate pricing
Higher costs than expected
Poor promotion
Disregarding market research
Agressive competition from competitors
Overestimation of market size