Product & Marketing Chapter 14: Developing & Pricing Products & Services – Covers Design & Cost Chapter 15: Distributing Products Chapter 13: Marketing.

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Presentation transcript:

Product & Marketing Chapter 14: Developing & Pricing Products & Services – Covers Design & Cost Chapter 15: Distributing Products Chapter 13: Marketing – Covers Overview, Design, & Segmentation Chapter 16: Promotions – Covers Advertising, Marketing, & Branding Chapter 14, 15, 13 & 16

Product & Marketing Myths Chapter 14 – “Developing & Pricing Goods & Services” – No one in business calls them ‘goods’-they’re products Cost-base pricing – Does not exist in a totally free market – Exist in government procurement & oligopolies – Supply & Demand will typically determine price – Cost will determine profit margins Product development is chaotic – Does not flow in a straight line as shown in the book Product life-cycle is uncertain – even if it makes the light of day Chapter 14, 15, 13 & 16

Product & Marketing Almost all businesses started with a need – Small or large determines the size and success To define a business, product, or service ask – What problem are you trying to solve? If you can think of a product or service that does not exist, 99% of the time it has already been thought of. The reason why it does not exist – Not sustainable (solution cost more than problem) – Technology does not exist or not advanced – Therefore.... Chapter 14, 15, 13 & 16

Product & Marketing Most business compete against existing solutions by – Building on top of an existing market (distribution) – Trying to find an edge or difference (segmentation) – Using technology or patents (cost or design) – Holding secret knowledge/design (Coca-Cola, Jack- Box, KFC,) – Branding (fast foods & fashion) Chapter 14, 15, 13 & 16

Five Components of Developing & Marketing Products or Services Cost Design Distribution Brand Segmentation Chapter 14, 15, 13 & 16

5 Product Market Components Chapter 14, 15, 13 & 16

Market Research Collecting Data, problems with – Solutions cost more than the price – Technology not feasible – The Ford Dilemma – “If I asked what my customers wanted they will tell me a faster horse” Design Research Chapter 14, 15, 13 & 16