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The Marketing Mix - Product - Coggle Diagram
The Marketing Mix - Product
4 main types of product
convenience - frequently urchased, low investment or involvement
shopping - less frequently purchased, selected by price, quality and style
speciality - sepcial purchase, expensive, srong brand preference
unsought - little knowledge or interest
New product development
Crawford (1991(
Phase 1 - opportunity identification & selection
Phase 2 - concept generation
Phase 3 - concept / project evaluation
Phase 4 - development (inclusing technical & marketing tasks)
Phase 5 - Launch
Kotler & Armstrong 2016
1 - new product planning
analyse micro environment
analyse macro environment
SWOT / Ansoff's matrix
2 - idea generation
reseach laboratories
periodic reviews
internal / external calls for product suggestions
serendipitous suggestions
competitors / other organisations
collaboration
3 - idea screening
REAL
is product real
is market real
WIN
can product be competitive
can company be competitive
WORTH IT
will product be profitable at acceptable risk
does launching product make strategic sense
4 - concept testing
5 - marketing / business analysis
target market
planned value proposition
sales, marketshare & profit goals
6 - product development
7 - test marketing
8 - commercialisation
Why products fail
overestimation of market size
disregarding market research
higher than expected development costs
poor design
incorrect positioning
unsuitable launch timing
inappropriate pricing
poor promotion
aggressive competition from competitors
Why products succeed
unique superior product
building in the voice of the customer
research and front end project loading
sharp and early product and project definition
spiral development
a 'world' product
well conceived, properly executed launch
accelerated development, not at expense of quality or execution