Marketing Management
Essay by Parvathi Hariharan • March 5, 2016 • Case Study • 264 Words (2 Pages) • 1,094 Views
Introduction
We are now focusing on the major elements of the marketing mix, the ingredients of the marketing mix.
Product definition:
A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value.
EXAMPLE Rebook shoes:
- Core--the ability to make people comfortable in their shoes while walking
- Actual—Rebook shoes (brand name), packaged, well polished, etc. that provide the desired benefits, high quality etc.
- Augmented--receive more than just the shoes a shoe with high technical term.
The same product can be from online (home or the office) or from stores or from a retailers.
- Convenience: Packaging is important to sell the product. Consumers Need to get even the lesser quality product until he gets convenience with the packages
- Shopping: People love to go to shop and purchase the products
- Specialty: some people doesn’t not accept the substitute.
Product Positioning and Product Repositioning
Definition:
This refers to a place a product offering occupies in consumers' minds on important attributes, relative to competing offerings.
New Product Strategy.
- New Product Strategy Development
When a new product comes to the market the important strategy is marketing through commercials. So need to take all creative ideas from the new marketing people.
- Idea Generation
When generation changes technology changes commercials also needs to change depends on the people and things they use.
- Product Screening and Evaluation
Every product must be screened and tested before market even before commercials
- Business Analysis
Analyze potential contribution to sales, costs and profits.
- Product Development
The product development should have many innovative ideas.
- Test Marketing
Test all the products
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