Products is defined as “anything that is created expressly from 1 party to another and typically involves some type of reciprocity in terms of money, goods, attention or service. Product is generally offered to market for attention, acquisition, use or consumption to satisfy customers needs. 2 types of products: physical goods and services
2Is impact products in various ways, it allows company to learn about customers, personalize products to meet customer preferences and offer CRM tools to provide more value for customers and cut cost for product sellers
Marketing levers for products: packaging, attributes, features, mass customization, cs programs, loyalty programs, complementary products, upgrade, community features, enhanced functionalities, fulfillment capabilities
Overall product development process: before developing a product, managers must first understand the needs and wants of a consumer and then design the product to satisfy that need. It also needs to identify the production needs and capabilities and determine firm’s competitive position. Then these 7 steps should be followed, idea generation, idea screening, product design, prototype development, business analysis, test marketing, and commercialization.
companies manage their product portfolios risk profile, time horizon, potential payout, investment requirement, development and innovation. Enhancement of existing products and line extension, support of current products and services
Marketing research fit with product development: gathers data on consumer needs and wants, evaluate production capabilities, and judge firm’s competitive position.
Products help enable a customer relationship: by deploying product development levers appropriate for existing relationship, and emphasizing the elements of value proposition relevant to given stage of relationship
Customer informed approach to product development can create strategic advantages by securing a market position that matches up with customer needs wants and expectation