BUS 343 Lecture Notes - Bungee Jumping, New Product Development, Test Market
20 Nov 2012
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Document Summary
A product is everything that a customer receives in exchange. The physical good that supplies the above benefits: core product. How easy is it to use, how foamy it is: augmented product. Including a service with the purchase of a tangible good (i. e. warranty) New product development: visionary phase - idea generation, product concept screening, business analysis, planning and development phase - plan commercial and technical development, testing and improving phase - test marketing plan, marketing mix adjustments, launch product. Classifying products based on how long they last: durable goods consumer products that provide benefit over a period of time, nondurable goods consumers products that provide benefit for a short time because they are. Cars, computers, furniture etc consumed and are no longer useful. Classifying products based on shopping behavior: convenience products usually low prices, widely available and purchased frequently. Like : staple, basic necessities consumers do not perceive much different between brands, sugar, bread.
