Product concepts, branding, and new product development in international marketing

Apuntes

The product: • Consumer products/services: o Convenience products: routine items such as bread, shampoo, etc. o Shopping products: less frequent such as clothing, furniture, etc. o Speciality products: unique such as expensive perfume, luxury items, etc. o Unsought products: not known/thought of such as blood donations, insurance, etc. • Industrial products/services The total product concept: Level 1: the core or generic product Level 2: the expected product Level 3: the augmented product (more than expected to gain an advantage) Level 4: the potential product (what it could become in the future) Aspects of product offers: • Product benefits • Product attributes • The marketing supporting services The product life cycle: • The introduction phase • The growth phase • The maturity phase • The saturation phase • The decline phase Adopter categories: • Innovators • Early adopters • Early majority • Late majority • Laggards The product portfolio: • Length: total number of individual products offered • Breadth: number of product lines offered Boston matrix = Stars, Cash cows, Question Marks, Dogs Process of new product development: 1. Ideas for new products 2. Narrow down the list 3. Ana...