Marketing

Table of Contents

1. Topic pack - Marketing - introduction
2. 4.1 The role of marketing - notes
3. 4.1 The role of marketing - questions
4. 4.2 Marketing Planning - notes
5. 4.2 Marketing planning - questions
6. 4.3 Product introduction - notes
   1. Product
   2. Classification of products
   3. The total product and Marketing Myopia
   4. New product design and development
   5. New Product Development: Invention and Innovation
   6. Product development: the good, the bad and the ugly
   7. New product development
   8. New product development - case study
   9. Product life cycle
   10. Product life cycle - interactive diagram
   11. Product life cycle - case study (1)
   12. Product life cycle - case study (2)
   13. Product life cycle - case studies (3)
   14. Product life cycle - extension strategies
   15. The product life cycle & cash flow
   16. The product life cycle and product diffusion
   17. Product adoption - case study
   18. Product portfolio analysis
   19. The Boston Consulting Group (BCG) matrix
   20. Using the BCG matrix
   21. Branding
   22. The importance and role of branding
   23. Branding - activities
   24. Brand development
   25. Brand loyalty
   26. Types of branding
   27. Global Brands
   28. Marketing blunders
   29. Brand-as-person
7. 4.3 Product - questions
8. 4.3 Product - simulations and activities
9. 4.4 Price - notes
10. 4.4 Price - questions
11. 4.4 Price - simulations and activities
12. 4.4 Promotion - notes
13. 4.5 Promotion - questions
14. 4.6 Place (distribution) - notes
15. 4.7 International marketing - notes
16. 4.7 International marketing - questions
17. 4.8 E-commerce - notes
18. 4.8 E-commerce - questions
19. Printable version

New product design and development

With rapid changes in customer tastes, fashions, social attitudes, technology and competition, a firm cannot rely on its existing products to maintain revenues and profits. To expand (or possibly even stand still) firms must develop and successfully launch streams of new products.

Customers expect new and improved products and will quickly change their loyalties if their needs and wants are not met by the firm.

The term 'new product' refers to:

• A new and innovative product different to anything else currently sold on the market
• A significant upgrade of an existing product containing new features
• A product 'perceived' to be different by customers

Ultimately 'product' is the most important element of the marketing mix. A firm can have exceptionally slick marketing techniques or very low prices, but if customers do not want its products, the firm will fail!

Product Design

The power of design must not be underestimated. The tough economic climate has forced all firms to re-evaluate their marketing and examine methods to differentiate their products from their competitors. Design plays a crucial role in sales and there are copious examples of improved sales redesigns of products and/or packaging which lead to increased sales and growth in market share.

Design does not just include appearance or aesthetic appeal. Customers also look for functions, quality, reliability and performance; all of which are inherent in the design. There is always a balance to be made between the beauty of a product and its functions and the need to produce it profitability. Car shows are renowned for their stunning prototypes - but these designs rarely survive the market and economic analysis that takes place before full scale manufacture and market launch. Companies wish to fill a gap in the market with products that customers demand, but ones that will be profitable.

For Gucci, its USP is as a fashion icon, where beauty and aesthetic appeal is paramount. Customers are willing to pay a high price for exclusivity and expensive materials. A Mercedes car is certainly not focused on economic manufacturing, and customers pay for its features and quality, although the brand is also renowned for its attractive and expensive styling. An own brand beer sold in a supermarket has the key selling point of value for money, made possible by mass production.