MKT 100 Lecture Notes - Lecture 8: Marketing Mix, Product Design, Brainstorming

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Steven Chuang

Document Summary

90% of new products fail within 2 years. Common characteristics of a successful new products is having a uniquely, superior point of difference (work well and valued in the market) For every product/service we use, we hope to find a value in it. A product endowed with value that consumers seek. Forgo other value-based products in exchange for their time/efforts. Value = what you get - what you give. Benefits such as: quality, convenience, emotions, prestige, experience. Sacrifice for: time, money, effort, opportunity, emotions, image. Every product"s value is made up of the basic benefits, plus the augmented product, plus the "feel" benefits. A set of individual products that are closely related. Convenience - bought with little time and effort. Shopping - extensive comparison (making sure you are getting the right deal) Herst for casket - unwanted; shingle replacement - unknown. "production goods" - your company sells products which are used by your customer in their products.