A firma€™s product line or lines refers to the assortment of similar things that the firm holds. Screening and evaluation: Some products that after some analysis are clearly not feasible or are not consistent with the core competencies of the firm are eliminated. Market testing: Frequently, firms will try to a€?testa€? a product in one region to see if it will sell in reality before it is released nationally and internationally. Commercialization: Facilities to manufacture the product on a larger scale are now put into operation and the firm starts a national marketing campaign and distribution effort. The diffusion of innovation refers to the tendency of new products, practices, or ideas to spread among people.
Usually, when new products or ideas come about, they are initially only adopted by a small group of people. Several specific product categories have case histories that illustrate important issues in adoption.
The case of credit cards was a bit more complicated and involved a a€?chickenA­and-egga€? paradox. Rap music initially spread quickly among urban youths in large part because of the low costs of recording. Homophily: The more similar to each other that members of a culture are, the more likely an innovation is to spreada€”people are more likely to imitate similar than different models.
Physical distance: The greater the distance between people, the less likely innovation is to spread. Co-branding involves firms using two or more brands together to maximize appeal to consumers. Certain a€?peripherala€? characteristics of products may a€?signala€? quality or other value to consumers.
Promotion plays a role in the perception the possible target audience may have about your service.
Services marketing is that elusive concept which stays incomplete without a thorough understanding of 7 Ps. Also did you read our article on the The 4 P’s of Marketing – The Marketing Mix strategies?
Consumer products can be categorized as convenience goods, for which consumers are willing to invest very limited shopping efforts. For example, facing a saturated market for baking soda in its traditional use, Arm & Hammer launched a major campaign to get consumers to use the product to deodorize refrigerators.
Until some time in the 1800s, few physicians bothered to scrub prior to surgery, even though new scientific theories predicted that small microbes not visible to the naked eye could cause infection.
Since the cards were used in public, others who did not yet hold the cards could see how convenient they were. Accepting credit cards was not a particularly attractive option for retailers until they were carried by a large enough number of consumers. Later, rap music became popular among a very different segment, suburban youths, because of its apparently authentic depiction of an exotic urban lifestyle. Although hybrid corn provided yields of about 20% more than traditional corn, many farmers had difficulty believing that this smaller seed could provide a superior harvest. In some countries, such as Britain and Saudi Arabia, tradition is greatly valueda€”thus, new products often dona€™t fare too well.
Some innovations, such as infant formula adopted in developing countries, may do more harm than good.
In a similar manner, some brands often start in a narrow nichea€”either nationally or regionallya€”and may eventually work their way up to a more inclusive national brand. Some ice cream makers, for example, use their own brand name in addition to naming the brands of ingredients contained. For some products, packaging accounts for a large part of the total product manufacturing cost. Who would want to travel 10 miles to have a regular dinner, even if that is priced very competitively and has a super quality? Services being intangible, processes become all the more crucial to ensure standards are met with.
These form the critical success factors for any service as evaluated by a possible customer.
Our authors are educators from top QS ranked universities and practitioners from multinational enterprises.
Thus, it is essential to have these products readily available and have the brand name well known. In contrast, the firma€™s product mix describes the combination of different product lines that the firm holds. Finally, products can be differentiated in terms of offering different levels of servicea€”for example, Volvo offers a guarantee of free, reliable towing anywhere should the vehicle break down. Some firms have stockholders who want to minimize risk and avoid investing in too many new innovations. The figure will almost certainly be well below that for video games that, even when spread out to a large part of the population, will be of interest to far from everyone.


Younger and more progressive physicians began scrubbing early on, but they lacked the stature to make their older colleagues follow. Although some people were concerned about security, the convenience factors seemed to be a decisive factor in the a€?tug-of-wara€? for and against adoption. Consumers, in contrast, were not particularly interested in cards that were not accepted by a large number of retailers. They were usually reluctant to try it because a failed harvest could have serious economic consequences, including a possible loss of the farm. For example, early buyers of the CD player risked that few CDs would be recorded before the CD player went the way of the 8 track player. For example, birth control is incompatible with religious beliefs that predominate in some areas, and a computer database is incompatible with a large, established card file.
Very little usually changes from year to year in automobiles, and even automobiles of the 1990s are driven much the same way that automobiles of the 1950 were driven. Some products, such as cellular phones, fax machines, and ATM cards, have a strong relative advantage. While 3M puts its brand name on a great diversity of products, Proctor & Gamble, on the opposite extreme, maintains a separate brand name for each product. For example, Mars was originally a small brand that focused on liquor filled chocolate candy. Long warranties often signal to consumers that the product is of good quality since the manufacturer is willing to take responsibility for its functioning. A computer, for example, is a tangible product, but it often comes with a warranty and software updates.
Services can range from financial services provided by the banks, technology services provided by the IT company, food and ambiance as a service provided by restaurants or even a blog where an author provides a service (information presentation, interesting reading etc) to his audience. The attributes of the product, vis-a-vis the attributes offered by competing products and substitutes, are important in estimating the competitive scenario for the marketing strategy formulation. Promotion leads to service (brand) recognition and further establishes a proxy to evaluate quality of services based by potential customers. Process mapping ensures that your service is perceived as being dependable by your target segment. Shopping goods, in contrast, are goods in which the consumer is willing to invest a great deal of time and effort. Boeing, for example, has both a commercial aircraft and a defense line of products that each take advantage of some of the same core competencies and technologies of the firm.
Some firms can only survive if they innovate frequently and have stockholders who are willing to take this risk. Frequently, unfortunately, the product will reach a maturity stage where little growth will be seen. Thus, it was necessary to a€?jump starta€? the process, signing up large corporate accounts, under favorable terms, early in the cycle, after which the cards became worthwhile for retailers to accept. Agricultural extension agents then sought out the most progressive farmers to try hybrid corn, also aiming for farmers who were most respected and most likely to be imitated by others.
Other products, such as automobile satellite navigation systems, entail some advantages, but the cost ratio is high.
For example, travel agents who get used to booking online may be unable to process manual reservations.
In general, the use of brand extensions should be evaluated on the basis of the compatibility of various productsa€”can the same brand name represent different products without conflict or confusion? It is widely believed, for example, that the a€?Intel insidea€? messages, which Intel paid computer makers to put on their products and packaging, reduced the value of the computer makersa€™ brand names because the emphasis was now put on the Intel component. Services marketing are dominated by the 7 Ps of marketing namely Product, Price,  Place, Promotion, People, Process and Physical evidence.
What is important to note that services being all the more intangible, the price becomes an important factor for the actual service consumption to happen, after service awareness and service acknowledgement. Many different promotional tools are often used like internet advertisement, special events, endorsements which happen out of the store or in-store merchandising like branded boxes from Custom Boxes Now, plastic dump bins and digital signage. Intensive training for your human resources on how to handle customers and how to deal with contingencies, is crucial for your success. Would you like eating at a joint where the table is greasy or the waitresses and cooks look untidy and wear a stained apron?
For example, consumers will spend a great deal of time looking for a new car or a medical procedure. For example, Hewlett-Packard has to constantly invent new products since competitors learn to work around its patents and will be able to manufacture the products at a lower cost.
Products can also be new to the firma€”another firm invented the product, but the firm is now making its own version.
Lower priced products often spread more quickly, and the extent to which the product is trialable (farmers did not have to plant all their land with hybrid corn at once, while one usually has to buy a cellular phone to try it out) influence the speed of diffusion. Store, or private label brands are, as the name suggests, brands that are owned by retail store chains or consortia thereof. The 7 P framework is one of the most popular framework for deciding a marketing strategy, right from strategy formulation to actual implementation.


This represents a wide product mix 3M, for example, makes a large assortment of goods that are thought to be related in the sense that they use the firma€™s ability to bond surfaces together. Some products may also reach a decline stage, usually because the product category is being replaced by something better. For example, IBM did not invent the personal computer, but entered after other firms showed the market to have a high potential. Instead, many started out with a fraction of their land, and gradually switched to 100% hybrid corn when this innovation had proven itself useful.
Finally, the extent of switching difficulties influences speeda€”many offices were slow to adopt computers because users had to learn how to use them.
In the old days, available sweeteners such as saccharin added an undesirable aftertaste, implying a clear sacrifice in taste for the reduction in calories.
For example, typewriters experienced declining sales as more consumers switched to computers or other word processing equipment.
In general, discontinuous innovations are more difficult to market since greater changes are required in the way things are done, but the rewards are also often significant. Maybelline offers a great deal of depth in lipsticks with subtle differences in shades while Morton Salt offers few varieties of its product. However, because the chains do not have the external brand building costs, the margins on the store brands are often higher. When a new product comes out, it is likely to first be adopted by consumers who are more innovative than othersa€”they are willing to pay a premium price for the new product and take a risk on unproven technology. Retailers have a great deal of power because they control the placement of products within the store.
It is important to be on the good side of innovators since many other later adopters will tend to rely for advice on the innovators who are thought to be more knowledgeable about new products for advice.
Because consumers tend to be attracted to a€?new and improveda€? products, the Federal Trade Commission (FTC) only allows firms to put that label on reformulated products for six months after a significant change has been made. Many place the store brand right next to the national brand and place a sign highlighting the cost savings on the store brand.
It is also a very important component of a marketing plan as it determines your firm’s profit and survival. Adjusting the price of the product has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product. If a company is new to the market and has not made a name for themselves yet, it is unlikely that your target market will be willing to pay a high price.
Although they may be willing in the future to hand over large sums of money, it is inevitably harder to get them to do so during the birth of a business.
Always remember that a low price usually means an inferior good in the consumers eyes as they compare your good to a competitor.
Consequently, prices too high will make the costs outweigh the benefits in customers eyes, and they will therefore value their money over your product. When setting the product price, marketers should consider the perceived value that the product offers. There are three major pricing strategies, and these are: Market penetration pricing Market skimming pricing Neutral pricing Here are some of the important questions that you should ask yourself when you are setting the product price: How much did it cost you to produce the product?
Do you think that the slight price decrease could significantly increase your market share?
Promotion is comprised of various elements like: Sales Organization Public Relations Advertising Sales Promotion Advertising typically covers communication methods that are paid for like television advertisements, radio commercials, print media, and internet advertisements.
This includes press releases, exhibitions, sponsorship deals, seminars, conferences, and events.
Word of mouth is an informal communication about the benefits of the product by satisfied customers and ordinary individuals.
Harnessed effectively and it has the potential to be one of the most valuable assets you have in boosting your profits online. An extremely good example of this is online social media and managing a firm’s online social media presence. In creating an effective product promotion strategy, you need to answer the following questions: How can you send marketing messages to your potential buyers?
It is important to devise a plan that balances profit, client satisfaction, brand recognition, and product availability.
It is also extremely important to consider the overall “how” aspect that will ultimately determine your success or failure. The ultimate goal of business is to make profits and this is a surefire, proven way to achieve this goal.
I think branding is entirely different concept and that built with special attributes the business products have.



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