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Product planing and development
This document discusses product planning and development. It defines what a product is, including both tangible goods like cars and computers as well as intangible services. Price is identified as a major factor in buyer choice and revenue generation. Products are categorized as consumer, unsolicited, or industrial. New product development strategies include acquiring new products or developing them internally. Many new products fail due to being overpriced or having an overestimated market size. The product life cycle framework includes development, introduction, growth, maturity, and decline stages. Developing an effective strategic marketing plan requires understanding the target market, product, business objectives, and marketing budget.
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Product planing and development
- 1. PRODUCT PLANNIGN ANDDEVLOPMENT II RANJANI R 28
- 2. What is aProduct ? 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, ideas Most important : services. Services : activities, benefits, satisfactions (intangible)
- 3. What is Price? 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.
- 4. CONSUMER PRODUCT- 1.CONVENIENCE PRODUCTS 2.SHOPPING PRODUCTS 3.SECIALTY PRODUCTS.
- 5. 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
- 6. 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
- 7. WHY DO SOMANY NEW PRODUCTS FAILS? Due to high price then it deserves. Overestimate market size
- 8. 1. Idea generation 2. Screaming of idea 3. Business analysis
- 9. Prototype development:- Market tests:-
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- 11. MANAGING NEW PRODUCT DEVELOPMENT Strategic Flexible Interactive Integrative Ongoing
- 12. PRODUCT LIFE CYCLESTRATEGY • Product Development • Introduction • Growth • Maturity • Decline
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- 14. 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.
- 15. PRODUCT DECISIONS AND SOCIAL RESPONSIBILITY INTERNATINAL PRODUCT AND SERVICE MARKETING.
- 16. 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.
- 17. PART ONE- MARKET: PART TWO – PRODUCT PART THREE- BUSINESS OBJECTIVES: PART FOUR- MARKETING BUDGET, PRIOR EFFORTS AND RESULTS, OTHER PLANNED TACTICS AND TIMING.
- 18. THANKYOUHAVE A GOOD DAY