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Marketing Mix - Product - Coggle Diagram
Marketing Mix - Product
Product Benefits
Core benefit of product/service
Actual product
Augmented product (extras)
Types
Convenience
frequent / low £ / low involvement
Shopping
less frequent / price sensitive
Speciality
high £ / strong brand preference
Unsought
little knowledge / low interest
Crawford and Di Benedetto, 2014, p.19
BASIC New products process
Opportunity
Concept
Project evaluation
Development
Launch
Crawford, 1991
Product planning
Ideas generation
Idea screening
Concept testing
Market/business analysis
Product development
Test marketing
Commercialisation
New product planning
Failure?
Kotler & Armstrong, 2016
Overestimation of market size
Disregarding market research
Higher than expected product development costs
Poor product design
Incorrect positioning
Unsuitable launch timing
Inappropriate pricing
Poor promotion
Aggressive competition
Success?
Cooper, 2012
Unique superior product
Building in voice of the customer
Due diligence
Product and project definition
Spiral development
Global product
Solid marketing plan