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Lecture 5

Week 5

2 Pages
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Department
Commerce
Course Code
COMM 131
Professor
Ethan Pancer

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Description
Week 5 Notes Chapter 8  Product: anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need  Services: activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything Products, Services, and Experiences  Market offering may include sure tangible goods, pure services, or a ix of the two, combined with customer experiences Organizations, Persons, Places, and Ideas  Organization marketing and corporate image advertising focus on changes in behaviour and attitudes towards the organization  People marketing; normally used for politicians, celebs  Place marketing; tourism, conventions, businesses  Idea marketing; anything from general to specific ideas and concepts Levels of Products and Services  Core customer value: the core, problem-solving benefits  Actual product: features, design, packaging, quality, level, brand name  Augmented product: after-sale service, warranty, product support, delivery and credit Product and Service Classifications  Consumer Products: products bought by final consumers for personal consumption, includes convenience, shopping, specialty, and unsought products  Convenience Products: customers buy frequently and immediately, and with minimum comparison and buying effort (ex. Detergent, magazines, fast food)  Shopping Products: process of selection and purchase includes comparisons on suitability, quality, price, and style (ex. Appliances, clothing, furniture)  Specialty Products: products with unique characteristics of brand identification for which a significant group of buyers is willing to make a special purchase effort. Comparisons don’t normally take place (ex. Rolex watch, Lamborghini)  Unsought Products: consumer is either unaware of or doesn’t think of buying, requires large, sustained marketing effort (ex. Life insurance, blood donations)  Industrial Products: products purchased by individuals and organizations for further processing or for use in conducting business. Includes materials and parts, capital items, and supplies and services  Materials and parts: includes raw materials and manufactured materials and parts, sold directly to industrial consumers. Branding/advertising are less important  Capital Items: split into fixed equipment and accessory equipment, these in production/operations  Supplies and Services: operating supplies (paper) and maintenance supplies (brooms), and maintenance and repair services 2. NewProduct Development  Firms obtain new products through either acquisition buying a company, patent, or license) or new-product development (development of original products, improvements, mods, or new brands through a firm’s own R&D efforts)  New product creation is necessary but costly and risky New Product Development Process (8 Stages)  Idea Generation: systematic search for new product ideas o Ideas come from internal and external sources, including distributors and suppliers, competitors, and customers  Idea Screening: screening new-product ideas to spot good ideas and drop poor ones o Write ups prepared for committee include description, value proposition, target market, and competitors o Must answer RWW (real, win, worthwhile): real need, sustainable competitive advantage, fit and profitability  Concept Development and Testing o Product Concept: detailed version of the new-product idea
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