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Reading 6: The marketing mix - product, Packaging design, Branding, After…
Reading 6: The marketing mix - product
The marketing mix
'4Ps'
Price
Promotion [distribution]
Product
Place
The traditional Marketing Mix
'7Ps'
People
Additional 5th 'P'
Physical environment
Process
Extended elements of service
2 Product
Product-related considerations
Specifying a product's development requirements to ensure they are informed by marketing research on customers' needs and emerging expectations.
Four main types of product
Specialility
Unsought
Convenience
Shopping
Three levels of product benefits
Augmented product
Installation
Delivery and credit
Warranty
After-sale service
Actual product
Packaging
Brand Name
Quality
Styling
Features
Core product
Core benefit of service
3 New product development
Five-step new products process (Crawford and Di Benedetto):
Phase 1: Opportunity identification
Phase 2: Concept generation
Phase 3: Concept/project evaluation
Phase 4: Development (includes both technical and marketing tasks)
Phase 5: Launch
Steps for developing new products Crawford (1991):
New product planning
Idea generation
Idea screening
Concept testing
Market/business analysis
Product development
Test marketing
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4 Product planning in detail
Product planning steps Crawford (1991):
Step 1 - new product planning
Step 2 - ideas generation
Periodic reviews
Research laboratories
Open calls for product suggestions internally or externally
Serendipitous suggestions
Competitors or other organisations
Collaboration
Step 3 - idea screening
Step 4 - concept testing
Step 5 - market/business analysis
The target markets
The planned value proposition
The sales, market share and profit goals for the first few years.
Break-even analysis
Step 6 - product development
Step 7 - test marketing
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Analysis of micro and macro environments
'SWOT' analysis
'Ansoff's growth matrix'
5 Failure or success?
Reasons why new products occasionally fail (Kotler and Armstrong, 2016).
Overestimation of the market size
Disregard marketing research
Higher than expected product development costs
Poor product design
Incorrect positioning
Unsuitable launch timing
Inappropriate pricing
Poor promotion
Aggressive competition from competitors
Packaging design
Branding
After-care service and support
