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Session 6: Marketing Mix, Product & Place, Phase 1: Opportunity…
Session 6: Marketing Mix, Product & Place
Marketing Mix
For products, its 4 P's (Price, Product, Place and Promotion)
For services, its 7 P's (adding process, physical evidence and people).
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Elements cannot be frequently and rapidly changed because changes can take time and be expensive (Dibb et al., 2016).
Close monitoring of internal/external environment is needed to ensure changes can be made in due time.
Product
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Includes:
- specifying a product's development requirements.
- Packaging design.
- Branding.
- After care service and support.
4 Main Types of Product
Convenience - frequently purchased, low investment and involvement (e.g. tissues).
Shopping - less frequently purchased, selected on price, quality and style (e.g. clothing).
Speciality - special purchase, expensive, strong brand preference (e.g. car).
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New Product Development
Crawford (Crawford 1991: Crawford and Di Benedetto, 2014, p. 19) proposed a five-stop basic new products process:
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Why do products succeed?
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A well-conceived, properly executed launch.
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- Phase 1: Opportunity identification and selection
- Phase 2: Concept generation
- Phase 3: Concept/project evaluation
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