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BADM 1040 (4)

Chapter 8 & 9.docx

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University of Guelph
Business Administration
BADM 1040
John Liefeld

Chapter 8 & 9 and Greener Pastures Product: anything that can be offered to a market attention, acquisition, use or consumption that might satisfy a want or need Service: any activity or benefits that one party can offer one another that is essentially intangible and does not result in the ownership of anything Levels of a product Consumer/Service Product classifications Convenience – frequent purchase, easy buy, highly available, mass promotion Specialty – strong brand preference, special effort, low price sensitivity, exclusive distribution, product promotion Shopping - Unsought – Why develop new products?  Follow changing market demands  Remain competitive  Keep up to changing technology  Replace dying products  Refresh and evolve existing products  Diversify product offering to reduce risk 3 Primary Reasons New Products Occur The existence of “inventors”  History reveals that humans tinkered, since caveman times, to find better ways of doing things Accidents  History reveals that many “new” things were discovered by accident Human NEED for Entropy  Entropy and Redundancy in human existence Enthropy v. Redundancy  Physical  Behavioural  Redundancy  Human NEED for Entropy  Conclusion – new products may succeed only because people NEED change New Product Failures  Only 10% of new products are still on the market after 3 years  Faiure rate for industrial products is also – more than 30%  Reasons – overestimation of market size, design problems, incorrectly position
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