| What is a Product [Marketing Mix] | Something that can satisfy Customer Needs |
| How important is the Product in the Marketing Mix? What does it act like? | -The heart of Marketing; without this, the other 3Ps Wouldn't Hapen
-However this is controversal. |
| Why do New Products, Happen? | -Our age is in a Rapid Technological development, along with change happening
-Some Products can survive long periods, whilst others last a month
-Constant changes happen from the changing Needs and Expectations from the Customers |
| Evaluate Product in the Marketing Mix | -An Important part of the Marketing Mix; mixed with other Elements
-To Design a Product to fit the Current Needs of the Customer
-Manufactures want to be 100% sure that the Product will Sell
-Retailers need to know Which Product to Sell
-Products may need to be Updated
-How long can the Product last before it needs to be Replaced? |
| Which Factors affect which Product to develop? | -Is there a Gap in the Market
-New Inventions or Ideas
-Are there Existing Products that has Declining Sales
-Changing Customer Requirements and Fashions |
| How does the Image affect the Product? | -Take a Famous Quality Sports Cars Company
-It sees that their is Demand on a Budget Car
-It exploits that gap, but it fails, because the Company's Image doesn't relate to the Budget Car |
| What factors Influence the Designing of a New Product | -Functional; Can the Product do, what its supposed to do
-Reliable; Will it keep doing what its supposed to do, over and over again, for a period of time
-Aesthetic; Does it appeal to the Image. Does the Image suit the Imagery of the Customer
-Quality; Does it meet the needs and Expectations of the Customers
-Economic; Is it Efficient in its Output price: Cost of Production? Is it Easy to get hold of the Product, so it can be done quickly? |
| What is the Difference between Invention and Innovation? | -Creating a new Product or Process [Invention]
-Turning a new idea, into a Reality [Innovation] |
| What comes out of a New Product Development? | -Risk; Research and Development Costs are met, leading to a loss, or a Reward
-Reward; Can be able to stay ahead of the Competitors. Can also make Profit |
