product

PRODUCT : 

PRODUCT A PRODUCT IS ANYTHING THAT CAN BE OFFERRED TO A MARKET TO SATISFY A WANT OR A NEED. PHYSICAL GOOD PERSON PLACE PROPERTY EXPERIENCES EVENTS INFORMATION IDEAS ORGANISATION SERVICES 1 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

DEFINITION OF PRODUCT-THREE CONTEXTS : 

DEFINITION OF PRODUCT-THREE CONTEXTS BY THE NATURE OF INNOVATION INVENTION INNOVATION CONTINUOUS DISCONTINUOUS IMITATION 2 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

DEFINITION OF PRODUCT-THREE CONTEXTS : 

DEFINITION OF PRODUCT-THREE CONTEXTS BY THE NATURE OF MARKET DEMAND CORE BENEFIT BASIC PRODUCT EXPECTED PRODUCT AUGMENTED PRODUCT POTENTIAL PRODUCT 3 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

DEFINITION OF PRODUCT-THREE CONTEXTS : 

DEFINITION OF PRODUCT-THREE CONTEXTS BY THE COMPANY’S INTERNAL PERSPECTIVE PRODUCT ITEM PRODUCT LINE PRODUCT CATEGORY PRODUCT MIX WIDTH LENGTH DEPTH CONSISTENCY 4 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

PRODUCT PLANNING – DEFINITION & CHARACTERISTICS : 

PRODUCT PLANNING – DEFINITION & CHARACTERISTICS THE PROCESS OF ENVISIONING, CONCEPTUALISING, DEVELOPING, PRODUCING, TESTING, COMMERCIALISING, SUSTAINING, AND DISPOSING OF ORGANISATIONAL OFFERINGS TO SATISFY CUSTOMER NEEDS AND ACHIEVE ORGANISATIONAL OBJECTIVES. CROSSFUNCTIONAL INQUISTIVELY ANALYTICAL CREATIVE, NOT CRITICAL TOLERANCE TOWARDS FAILURE 5 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

PRODUCT PLANNING - ROLES : 

PRODUCT PLANNING - ROLES RESOURCE ALLOCATION PRODUCT MIX COORDINATION MARKETING PROGRAMME SUPPORT PRODUCT DELETION 6 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

CORPORATE STRATEGY FRAMEWORK : 

CORPORATE STRATEGY FRAMEWORK MISSION – PURPOSE, DIRECTION, SCOPE OBJECTIVES – SPECIFIC ELEMENTS TO BE ACHIEVED GOALS – TIME SPECIFIC METRICS TO MEASURE STRATEGY – GAME PLAN TO ACHIEVE OBJECTIVES PROGRAMMES – WAY TO EXECUTE INDIVIDUAL STRATEGIES 7 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

PRODUCT PLANNING STRATEGY : 

PRODUCT PLANNING STRATEGY PRODUCT-MARKET MATRIX PRODUCT CURRENT NEW CURRENT MARKET NEW MARKET PENETRATION MARKET DEVELOPMENT PRODUCT DEVELOPMENT DIVERSIFICATION 8 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

PRODUCT DEVELOPMENT PROCESS : 

PRODUCT DEVELOPMENT PROCESS CATEGORIES OF NEW PRODUCTS NEW TO THE WORLD NEW PRODUCT LINES ADDITIONS TO EXISTING PRODUCT LINES PRODUCT IMPROVEMENTS PRODUCT REPOSITIONING COST REDUCTION 9 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

PRODUCT DEVELOPMENT PROCESS : 

PRODUCT DEVELOPMENT PROCESS FACTORS HINDERING NPD FRAGMENTED MARKET SOCIAL AND GOVERNMENT CONSTRAINTS HIGH COST LONG DEVELOPMENT TIME SHORT PRODUCT LIFE CYCLE 10 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

PRODUCT DEVELOPMENT PROCESS : 

PRODUCT DEVELOPMENT PROCESS CRITERIA FOR SUCCESS SUPERIOR PRODUCT WELL DEFINED PRODUCT CONCEPT TECHNOLOGICAL AND MARKETING SYNERGY QUALITY OF EXECUTION MARKET ATTRACTIVENESS FAILURE OF NEW PRODUCTS MARKETING MYOPIA OVERESTIMATED MARKET SIZE INFERIOR PRODUCT 11 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

PRODUCT DEVELOPMENT PROCESS - BUDGETING : 

PRODUCT DEVELOPMENT PROCESS - BUDGETING 12 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

PRODUCT DEVELOPMENT PROCESS - ORGANISATION : 

PRODUCT DEVELOPMENT PROCESS - ORGANISATION PRODUCT MANAGER NEW PRODUCT MANAGER NEW PRODUCT COMMITTEE NEW PRODUCT DEPARTMENT NEW PRODUCT VENTURE TEAMS STAGE GATE SYSTEM FUZZY FRONT END FUZZY GATES 13 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

NPD STAGES: IDEA GENERATION : 

NPD STAGES: IDEA GENERATION UNCOVERING THE BEST POSSIBLE SET OF UNMET CUSTOMER NEEDS (MARKET PULL) OR TECHNOLOGICAL INNOVATIONS (TECHNOLOGICAL PUSH) SOURCES INTERACTING WITH OTHERS CUSTOMERS SCIENTIST AND ENGINEERS COMPETITORS SALES REPRESENTATIVES TOP MANAGEMENT 14 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

NPD STAGE I: IDEA GENERATION : 

NPD STAGE I: IDEA GENERATION SOURCES CREATIVITY TECHNIQUES ATTRIBUTE LISTING FORCED RELATIONSHIP MORPHOLOGICAL ANALYSIS BRAINSTORMING SYNETICS LATERAL MARKETING REVERSE ASSUMPTION ANALYSIS 15 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

NPD STAGE II – IDEA SCREENING : 

NPD STAGE II – IDEA SCREENING EMPLOYEE IDEA MANAGER IDEA COMMITTEE PROMISING – RESEARCHED BY A COMMITTEE MEMBER MARGINAL – IDEA BANK REJECTS FULL SCALE SCREENING PROCESS DROP ERROR GO ERROR 16 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

NPD STAGE II – IDEA SCREENING : 

NPD STAGE II – IDEA SCREENING PRODUCT - IDEA RATING DEVICE 17 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

NPD STAGE III - CONCEPT DEVELOPMENT AND TESTING : 

NPD STAGE III - CONCEPT DEVELOPMENT AND TESTING IDEA – PRODUCT THAT COMPANY MIGHT OFFER CONCEPT – ELABORATE VERSION EXPRESSED IN MEANINGFUL CONSUMER TERMS DEVELOPMENT – MILK POWDER TO INCREASE NUTRITIONAL VALUE AND TASTE WHO – TARGET MARKET – INFANT / CHILDREN / ADULTS / OLD PEOPLE WHY – BENEFIT – TASTE / NUTRITION / REFRESHMENT / ENERGY WHEN – TIME OF CONSUMPTION – BREAKFAST / LUNCH / AFTER DINNER 18 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

NPD STAGE III - CONCEPT DEVELOPMENT AND TESTING : 

NPD STAGE III - CONCEPT DEVELOPMENT AND TESTING CONCEPT 1: INSTANT BREAKFAST DRINK FOR ADULTS WHO WANT A QUICK NUTRITIOUS BREAKFAST CONCEPT 2: TASTY SNACKDRINK FOR CHILDREN AS MIDDAY REFRESHMENT CONCEPT 3: HEALTH SUPPLEMENT FOR OLD ADULTS TO DRINK IN LATE EVENING CATEGORY CONCEPT DETERMINES COMPETITION PRODUCT POSITIONING MAP – COST / SPEED BRAND POSITIONING MAP – COST / CALORIES 19 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

NPD STAGE III - CONCEPT DEVELOPMENT AND TESTING : 

NPD STAGE III - CONCEPT DEVELOPMENT AND TESTING TESTING - FOR TARGET CONSUMER REACTION WORD / PICTURE PHYSICAL PLASTIC PROTOTYPE VIRTUAL REALITY “OUR PRODUCT IS A POWDERED MIXTURE THAT IS ADDED TO MILK TO MAKE AN INSTANT BREAKFAST THAT GIVES THE PERSON ALL THE NEEDED NUTRITION ALONG WITH GOOD TASTE AND HIGH CONVENIENCE. THE PRODUCT WOULD BE OFFERRED IN THREE FLAVOURS (CHOCOLATE, VANILLA, STRAWBERRY) AND WOULD COME INDIVIDUAL PACKETS, SIX IN A BOX, AT RS. 100 A BOX.” 20 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

NPD STAGE III - CONCEPT DEVELOPMENT AND TESTING : 

NPD STAGE III - CONCEPT DEVELOPMENT AND TESTING CONSUMER RESPONSE IS SEEKED FOR: COMMUNICABILITY AND BELIEVABILITY NEED LEVEL GAP LEVEL – NEED-GAP SCORE PERCEIVED VALUE PURCHASE INTENTION USER TARGETS, PURCHASE OCCASIONS, PURCHASING FREQUENCY CONJOING ANALYSIS – DERIVING UTILITY VALUES THAT CONSUMERS ATTACH TO VARYING LEVELS OF A PROCUCT’S ATTRIBUTES. 21 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

NPD STAGE IV – MARKETING STRATEGY : 

NPD STAGE IV – MARKETING STRATEGY PRELIMINARY STRATEGY PLAN FOR INTRODUCING NEW PRODUCT INTO THE MARKET PART 1: TARGET MARKET SIZE, STRUCTURE, BEHAVIOUR PLANNED PRODUCT POSITIONING INITIAL SALE, MARKET SHARE, PROFIT GOALS PART 2: PLANNED PRICE DISTRIBUTION STRATEGY MARKETING BUDGET PART 3: LONG RUN SALES AND PROFIT GOALS MARKETING MIX STRATE 22 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

NPD STAGE V – BUSINESS ANALYSIS : 

NPD STAGE V – BUSINESS ANALYSIS EVALUATE BUSINESS ATTRACTIVENESS AND WHETHER IT SATISFIES COMPANY OBJECTIVES ESTIMATING TOTAL SALES FIRST TIME + REPLACEMENT + REPEAT SALES ONE TIME PURCHASED, INFREQUENTLY PUCHASED, FREQUENTLY PURCHASED SURVIVAL AGE DISTRIBUTION – NUMBER OF UNITS THAT FALL IN YEAR ONE, TWO, THREE, AND SO ON. 23 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

NPD STAGE V – BUSINESS ANALYSIS : 

NPD STAGE V – BUSINESS ANALYSIS ESTIMATING COSTS AND PROFITS 24 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

NPD STAGE VI – PRODUCT DEVELOPMENT : 

NPD STAGE VI – PRODUCT DEVELOPMENT QUALITY FUNCTION DEPLOYMENT (QFD) – CUSTOMER ATTRIBUTES ARE TURNED INTO ENGINEERING ATTRIBUTES. PHYSICAL PROTOTYPE- KEY ATTRIBUTES, SAFE PERFORMANCE, BUDGETED COST – FUNCTIONAL AND PSYCHOLOGICAL CHARACTERISTICS FUNCTIONAL TESTS ALPHA TESTING BETA TESTING CUSTOMER TESTS RANK ORDER PAIRED COMPARISON MONODIC RATING 25 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

NPD STAGE VII – MARKET TESTING : 

NPD STAGE VII – MARKET TESTING INVESTMENT COST AND RISK / TIME PRESSURE AND RESEARCH COST CONSUMER GOODS – TRIAL, FIRST REPEAT, ADOPTION, PURCHASE FREQUENCY SALES WAVE RESEARCH SIMULATED TEST MARKETING CONTROLLED TEST MARKETING TEST MARKETS HOW MANY CITIES WHICH CITIES LENGTH OF TEST ACTION TO BE TAKEN – TRIAL / REPURCHASE RATE 26 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

NPD STAGE VII – MARKET TESTING : 

NPD STAGE VII – MARKET TESTING BUSINESS GOODS ALPHA TESTING – WITHIN THE COMPANY BETA TESTING – WITH OUTSIDE CUSTOMERS EXPOSES UNANTICIPATED PROBLEMS CLUE TO SUBSEQUENT PRICING TRADE SHOWS DEALER DISPLAY ROOMS 27 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK

NPD STAGE VIII - COMMERCIALISATION : 

NPD STAGE VIII - COMMERCIALISATION WHEN (TIMING) FIRST ENTRY PARALLEL ENTRY LATE ENTRY WHERE (GEOGRAPHIC STRATEGY) TO WHOM (TARGET MARKET PROSPECT) – EARLY ADOPTERS, HEAVY USERS, OPINION LEADERS AT LOW COST HOW (INTRODUCTORY MARKET STRATEGY) – ACTION PLAN 28 M. MISHRA, ASST. PROFESSOR(MKTG.) DRIEMS B SCHOOL, CUTTACK