WHAT WOULD YOU SELL? What products do you think should be sold through the Spirit Box? IMPLEMENTING AUTOMATED RETAIL: PRODUCT
PRODUCT A good, service, or idea that is created as a result of a process and satisfies a want or need. o Products can be goods or services: Goods are tangible Services are intangible IMPLEMENTING AUTOMATED RETAIL: PRODUCT
FEATURES & BENEFITS Features are attributes of a product. Benefits are the advantage or value of that attribute to the customer. IMPLEMENTING AUTOMATED RETAIL: PRODUCT
EXAMPLE IMPLEMENTING AUTOMATED RETAIL: PRODUCT
PRODUCT DEVELOPMENT The creation of products with new or different characteristics that offer new or additional benefits to the customer. IMPLEMENTING AUTOMATED RETAIL: PRODUCT
CREATING NEW PRODUCTS Developing a new, innovative or original idea to fulfill customer needs or wants. Products with different characteristics involves modifying or changing an existing product to meet a need or want of the target market. IMPLEMENTING AUTOMATED RETAIL: PRODUCT
CHECK POINT Explain Target Market. Why are new products based around customer needs/wants? IMPLEMENTING AUTOMATED RETAIL: PRODUCT
PRODUCT DEVELOPMENT & AUTOMATED RETAILING What things might be different in automated retailing from traditional product development? IMPLEMENTING AUTOMATED RETAIL: PRODUCT
CASE STUDY “ZoomShops Taking Flight in Airports and Beyond” IMPLEMENTING AUTOMATED RETAIL: PRODUCT
PRODUCT OPPORTUNITIES Product Opportunity Gap “POG”—occur when there’s a gap between what is currently offered in the market and the opportunity for new or modified products as a result of emerging trends. o Products successfully fill this gap when they meet customer expectations and are perceived as useful and desirable. IMPLEMENTING AUTOMATED RETAIL: PRODUCT
EXAMPLE IMPLEMENTING AUTOMATED RETAIL: PRODUCT
IDENTIFYING PRODUCT OPPORTUNITIES 1. Conduct market research to identify need or gap. 2. Evaluate the current market. 3. Identify the current problem. 4. Determine how to solve the problem. IMPLEMENTING AUTOMATED RETAIL: PRODUCT
ACTIVITY Identify a product opportunity gap for the automated kiosk (Spirit Box). IMPLEMENTING AUTOMATED RETAIL: PRODUCT
TECHNIQUES TO GENERATE PRODUCT IDEAS 1. Involve everyone in generating ideas 2. Involve customers in the process 3. Involve customers in new ways 4. Involve new customer groups 5. Involve suppliers IMPLEMENTING AUTOMATED RETAIL: PRODUCT
ACTIVITY Develop a template for an online suggestion box for SBE employees and a template for an online discussion board for customers. IMPLEMENTING AUTOMATED RETAIL: PRODUCT
ACTIVITY Revise your automated retail product selection list from the Bell Ringer based on the information from this lesson. Identify the criteria by which you selected those products. Fill in your products on the plan-o-gram. IMPLEMENTING AUTOMATED RETAIL: PRODUCT
QUIZ Concept of Product and Product Development in Automated Retail IMPLEMENTING AUTOMATED RETAIL: PRODUCT