Products
Something that a business offers to a market, physical or intangible (digital).
What is a product?
Does not contain physical characteristics. Customers rely on online review or referral from friends and families to build trust before making a purchase decision.
What is intangibility?
Ideation, Research, Planning, Testing, Sourcing, Pricing, and Launch
What are the seven stages of new product development?
A term that describes the stages that a product goes through over the course of its existence.
What is the Product Life Cycle?
A marketer could use this to examine an existing product from different angles and create something new.
What is the SCAMPER method?
Products that consumers will need to consider and research before purchasing. Examples: new car, exercise equipment, Halloween costumes
What is shopping?
The process of production and consumption are simultaneous. Example: A customer purchases a massage. The product is produced and consumed at the same time.
What is inseparability?
These two stages of product development generate as many ideas as possible and refine the strongest idea into workable products.
What are Ideation and Research?
Sales begin to steadily drop and the market is overtaken by competitors.
What is Decline?
The stage of the product life cycle in which the product has established itself within the market and demand is increasing.
What is growth?
Goods are products that customers purchase regularly without too much consideration. Examples: Household products and music streaming
What is Convenience?
Many services are hugely dependent on people that deliver them. The result is not always the same. Examples: Ride-share. A business must provide clear guidelines for any employee who interact with customers while rendering a service.
What is inconsistency?
In these stages of product development businesses should consider how to actually create their product and begin prototyping.
What are planning and testing?
During this stage of the Product Life Cycle, marketers may begin to experiment with price reduction strategies in order to stimulate more sales.
What is Maturity?
This stage of the product life cycle is when competing products have curbed sales growth entirely.
What is saturation?
Products that do not have specific competitors. Examples: luxury items, Adobe's Creative Cloud
What is Specialty?
What is Ephemerality?
Sourcing
The product is created during this stage of the product life cycle.
What is development?
What is convenience?
Products that consumers may need but rarely enthusiastic about purchasing. Examples: Smoke detectors, insurance policies, and cold medicine.
What are unsought goods?
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A products supply chain has been sources and can now move onto these stages of product development by collecting information such as cost associated with the product.
What is Pricing?
Marketers tend to focus on advertising and marketing campaigns that raise awareness of the new product and direct potential customers to resources where they can learn more about it.
A dining room table is an example of this type of good.
What is shopping?