Product Innovation and development
Market Segmentation dividing a market into distinct groups of buyers who have different needs,
characteristics, or behaviors and who might require separate products or marketing groups.
Market Targeting the process of evaluating each market segment's attract...
Product Innovation and development
Market Segmentation ✅dividing a market into distinct groups of buyers who have different needs,
characteristics, or behaviors and who might require separate products or marketing groups.
Market Targeting ✅the process of evaluating each market segment's attractiveness and selecting one or
more segments to enter.
Market Positioning ✅arranging for a product to occupy a clear, distinctive, and desirable place relative
to company products in the minds of target customers.
List the 4 main bases for segmenting consumer markets and give examples of each segment: ✅1.
Demographic
2. Geographic
3. Psychological
4. Behavioral
Product Mix ✅total # of product lines a company offers to its consumers.
Breadth ✅# of product lines a company sells
Length ✅total # of products or items in your companies product
Depth ✅total # of variations for each product
List 5 important reasons for product failure: ✅1. Failure to understand human wants + needs
2. Fixing non-existing problems
3. Target wrong market
4. Pricing
5. Delayed market entry/launch or not enough testing
, New to the world ✅products are inventions that create a whole new market.
Cost reduction ✅new products that replace existing products, providing the customer similar
performance at lower cost.
Discuss the Risks & Guidelines of speeding to market: ✅- Costs can be disastrous
- Cutting corners in technical product development
- Rushing through the market
- Accelerating time to market (bringing out the product to soon, still has bugs)
- Management might be tempted to concentrate on quick, close to home innovations at the
expense of real new products. This puts new product development efforts out of strategic
balance.
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