Académique Documents
Professionnel Documents
Culture Documents
(NPD)
M a r k e t in g M ix
P ro d u c t
P ric e
P la c e
P ro m o tio n
Defining Product
Anything that you can sell
Pure
good
Pure
service
Successful firms . . .
3. Concept Screening
Prototype or storyboard
Focus group: Would you be
interested in a service that . . .
Approximation of willingness to pay
6. Product Development
E.g. battery life in iPod
7. Market Testing
Some firms (fashion goods) dont test the
market: Put it out there, see if people buy it
(the costs of this must be small)
= Market test by roll out
Simulated test market (dummy store) new
product is mixed in with familiars
Test markets: Several cities let us tweak
the Marketing Mix but rivals may
attempt disruption
Awareness
Interest
If we are not an
instant hit, do the
research
Trial
Repeat
When the
two align,
you have a
winner!
Technological
advances
Risk