Marketing 4 A

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Information about Marketing 4 A

Published on March 19, 2014

Author: keitepai


PowerPoint Presentation: IB Business and Management .com IB Business and Management T he IB Diploma Business and Management course delivered IN STYLE , ONLINE . © PowerPoint Presentation: z product 4.3 PowerPoint Presentation: z consumer durables Manufactured products that can be re-used & are expected to have a reasonably long life; e.g. cars, washing machines Fast moving consumer goods Manufactured products that cannot be re-used and will be repurchased on a regular basis; e.g. shampoos, infant formula PowerPoint Presentation: z Varieties of the same product produced for customers of a particular market The Product line of a firm Change To match changes in the market ; e.g. ipod nano has seen increased memory as music collections get bigger, video, etc For example, differences in Size, price, quality PowerPoint Presentation: z Variety of the different product lines produced for different markets The Product mix of a firm Product assortment food beverages Home cleaning products Personal care Being able to Increase total sales with core competencies across different product types Decreases risk ; for example, if a competitor launches a new, very successful shampoo, there will be other product types to fall back on PowerPoint Presentation: z All product lines of a firm’s product mix; i.e. all products a firm produces The Product range of a firm Question 4.3.1, p 501 PowerPoint Presentation: z New product design & development Essential for firms that are operating in markets subject to constant technological change or are heavily reliant on patent protection Game consoles Drug companies Industrial markets e.g. robotic machine tools Other markets may see very little product change; e.g. coke® has only had small changes to adapt to changing tastes over the years (as well as some very big npd mistakes !) PowerPoint Presentation: z New product design & development The new coke ® debacle PowerPoint Presentation: z The npd process Idea screening Concept testing Product development Test marketing National launch A very small proportion of new ideas reach the commercialisation stage 7 Steps in the npd process Generate new ideas: market research, brainstorming, adapting existing products Idea screening: Eliminate all of the ideas that have the least chance of becoming commercially successful Concept testing: Establishing most likely consumers, possible costs of production, specific features the product will have Business analysis: Analysing likely impact of the new product on revenue, costs & profits Product testing: Developing prototypes to assess performance & to obtain feedback Test marketing: Launching the developed product in a small but representative section of the market to assess likely sales following a national launch Commercialisation: Full scale launch of the product with appropriate promotion & distribution

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