MB105 Lecture Notes - Lecture 12: New Product Development, Marketing Mix, Product Differentiation
2 Jun 2017
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Document Summary
Total product offer (or value package) consists of all the benefits associated with a good, service, or idea that affect a consumer"s purchasing decision. Product differentiation the creation of a real or perceived difference in a product designed to attract consumers. Idea screening: product analysis, product development and concept testing, commercialization. Product life cycle a theoretical model describing a product"s sales and profits over the course of its lifetime. Product line a group of similar products intended for a similar market. Product mix the combination of all product lines offered for sale by a company. Product time length the number of items in any given product line. Product line length is determined by how the addition or removal of items from a product line affects profits. Product mix width the number of different product lines a company offers. Consumer products goods and services purchased by households for personal consumption.
