MCS 3500 Lecture 11: New Product and Service Design
11 Dec 2015
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Document Summary
For marketers, a product/ offering = anything that can be offered in the market for attention, acquisition, use or consumption and that might satisfy a want/ need. Red cross = a product b/c consumers satisfy their need to feel good about themselves when they interact with the organization. Example: vacation package = transforms customers desire for adventure into a tangible product they can conveniently purchase: augmented product: enhancements to tangible product additional services/ features that make the product attractive. Examples: toll free sale services, delivery, warranty, after sales service, experience. Product = most important part of marketing mix. If firm decides the new idea is attractive it proceeds to the second stage. Stage 2: design transforms core product into tangible product. *used to assess whether the product will gain market acceptance when it is introduced or meet the firm"s profit and market share goals according to the proposed marketing plan.
