Marketing Mix

PRODUCT DEVELOPMENT

-conceptual product idea ; who to satisfy ; who will be competitors

- profiled our target market

PRODUCT - is a good or service or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value

PRODUCT PLANNING/DEVELOPMENT

-refers to the systematic decision making related to all aspects of the development and management of a firm's products

-'new' products are created as the result of an idea or perceived "gap" in the current world

-it usually arises from a need or want that can't be immediately filled and leads to the question : 'Why don't I create and sell that product?'

In order for a new product idea to succeed, it MUST be or have:

- desirable attributes for the target market

- be unique

- if the new product isn't, it is doomed to fail

when a new idea is generated the next stage is to do some research

this research will focus on answering :

Can we produce it?

Can we sell it?

STAGES OF PRODUCT DEVELOPMENT

If the feasibility research finds that the idea is worth pursuing and is doable, the product development process begins

This process involves 8 stages that every product needs to go through in order to 'be brought to market'

1) Idea Generation

2)Idea Screening

3) Concept Development

4)Market Strategy

5)Feasibility Analysis / Study

6)Product Design

7)Test Marketing

8)Market Entry

IDEA GENERATION

- an invention or innovation as a result of a gap in the current market

- an idea to produce a product or service not currently available

IDEA SCREENING

-not all ideas are good ones (new Coke, McPizza, heinz ketchup turning green)

-marketers need to test consumer reaction to their idea before they continue

-throw the idea around and see what people think, get feedback, assess

CONCEPT DEVELOPMENT

-if the feedback from consumers is positive, a prototype or sample is created.

-This stage will allow you...