MGMA01H3 Lecture Notes - Lecture 7: Brand Equity, Minimax, Weighted Arithmetic Mean
Document Summary
A set of tangible and intangible attributes, including packaging, colour, price, quality, brand name, and seller"s services and reputation. Can be a physical object, service, person, place, organization, idea, or a combination of these. Brand name, features, quality level, design, & packaging. Aftersale service, delivery and credit, product support, & warranty. Products are not physical entities so much as anticipated benefits in the minds of the consumers . Important to think about the level of the product; actual and augmented product are created based on the core value. Stages in the new product development process: idea generation & screening. Product idea: an idea for a possible product that the company can see itself offering to the market. Internal source: research and development, business units head, sales force. Then spot good ones and drop poor ones: concept development & testing. Product concept: a detailed version of the idea stated in meaningful consumer terms. Choose the most attractive concept to the customers.
