PRODUCT PLANNIGN AND DEVLOPMENT II

RANJANI R 28

A product is offered to a market attention, aquisitition, use or consumption that can satisfy a need or want.Products : cars, computers, cell phones (tangible)Products : services, persons, events, places, organizations, ideasMost important : services. Services : activities, benefits, satisfactions (intangible)

What is a Product ?

Price = sum of all the values that customers give up in order to gain the benefits of having or using a product or

service.* Major factors affecting buyer choice* Only element in marketing mix that

produces revenue.* Most flexible among all.* Can be changed quickly* Plays a key role in creating customer value

& building customer relationship.

What is Price ?

CONSUMER PRODUCT- 1.CONVENIENCE PRODUCTS 2.SHOPPING PRODUCTS 3.SECIALTY PRODUCTS.

PRODUCT AND SERVICES CLASSIFICATION

UNSOUGHT PRODUCTS:-A category of goods and services which the buyer (a) is unaware of, or (b) would prefer not to think about buying.

INDUSTRIAL PRODUCTS:-Products which are not so widely for public use, only for some specific area and detail industrial customers

PRODUCTS-

NEW PRODUCT DEVELOPMENT STRATEGY

A firm can obtain new products in two ways.

I. One is through acquisition-by buying a whole company ,a patent ,or a license to produce someone else’s product.

II. The other is through the firm’s own ‘NEW-PRODUCT DEVELOPMENT’ efforts .By new products we mean original products, product improvements , product modification, and new brands that the firm develop through its own research and development efforts

WHY DO SO MANY NEW PRODUCTS FAILS? Due to high price then it deserves. Overestimate market size

1. Idea generation

2. Screaming of idea

3. Business analysis

Stages in the development process

Prototype development:-

Market tests:-

. COMMERCIALIZATION:-

MANAGING NEW PRODUCT DEVELOPMENT

Strategic Flexible Interactive Integrative Ongoing

PRODUCT LIFE CYCLE STRATEGY

• Product Development• Introduction• Growth• Maturity • Decline

• Style• Fashion• Fad

Not all de products has de same life cycle. Some is introduce and die. Eg Motorola

Some stay in maturity stage for a longer time. Sony Play Station 1.

Some enter in decline stage n then cycled backed into growing stage through the strong promotion.

Well managed brand could live forever.

PRODUCT DECISIONS AND SOCIAL RESPONSIBILITY

INTERNATINAL PRODUCT AND SERVICE MARKETING.

ADDITIONAL PRODUCT AND SERVICE CONSIDERATIONS

DEVELOPING A STRATEGIC MARKETING PLAIN TAKES WORK-A FIRM UNDERSTANDING OF THE MARKETS YOU PLAIN TO SELL TO,THE PRODUCT YOU AND YOUR COMPETITORS OFFER, YOUR BUSINESS OBJECTIVES, ND BGET.

HOW TO DEVELOP A MARKETING STRATEGY

PART ONE- MARKET: PART TWO – PRODUCT PART THREE- BUSINESS OBJECTIVES: PART FOUR- MARKETING BUDGET,

PRIOR EFFORTS AND RESULTS, OTHER PLANNED TACTICS AND TIMING.

PARTS

THANKYOU HAVE A GOOD DAY