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1.1 LEARNING OBJECTIVES
LO 7-1 Understand the essential role of the product experience in marketing.
LO 7-2 Define the characteristics of a product.
LO 7-3 Recognize how product strategies evolve from one product to many products.
LO 7-4 Understand the life of a product and how product strategies change over time.
LO 7-5 Recognize the importance of new-product development to long-term success.
LO 7-6 Understand the new product development process.
LO 7-7 Identify how new products become diffused in a market.
1.2 Chapter Outline
I. PRODUCT: THE HEART OF MARKETING
Product Characteristics
Define the Product
Essential Benefit
Core Product
Enhanced Product
Product Classifications
Tangibility – physical aspects of the product
experience
Durability – product usage
Consumer Goods
Business Goods
Product Discrimination: Create a point of Differentiation
Form
Features
Performance Quality
Conformance Quality
Durability
Reliability
Repairability
Style
Product Plan: Moving from one product to many products
Product Line
Product Mix
Product Decisions Affect other Marketing Mix Elements
Pricing
Marketing Communications
II. THE LIFE OF THE PRODUCT: BUILDING THE
PRODUCT EXPERIENCE
Product Life Cycle Sales Revenue and Profitability
Product Life Cycle Timeline
Product Life Cycle Caveats
I NEW PRODUCTS – CREATING LONG TERM
SUCCESS
“New” Defined
Company Perspective
Customer’s Perspective
Reasons For New Prod Failure
Company
Customers
Competitors
Environment
III. NEW PRODUCT DEVELOPMENT PROCESS
Identify Product Opportunities
Generate New Ideas
Screen And Evaluate Ideas
Define The Product Opportunity
Define And Test Product Concept
Create Marketing Strategy
Conduct Business Case Analysis
Develop The Product Opportunity
Develop The Product
Test The Market
Product Launch
IV. CONSUMER ADOPTION AND DIFFUSION PROCESS
Consumer Product Adoption Process
The Diffusion Of New Innovations
V. SUMMARY
