BADM 1040 Lecture Notes - Caveman

• School: University of Guelph
• Department: Business Administration
• Course: BADM 1040
• Professor: John Liefeld

Document Summary

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. Convenience frequent purchase, easy buy, highly available, mass promotion. Specialty strong brand preference, special effort, low price sensitivity, exclusive distribution, product promotion. History reveals that humans tinkered, since caveman times, to find better ways of doing things. History reveals that many new things were discovered by accident. Conclusion new products may succeed only because people need change. 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 positioned, priced or advertised, pushed despite poor marketing research findings. Group d individual product decisions - product attributes branding packaging .