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Product & Marketing

Chapter 14, 15, 13 & 16. 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.

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Product & Marketing

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  1. Chapter 14, 15, 13 & 16 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

  2. Product & Marketing Myths Chapter 14, 15, 13 & 16 • 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

  3. Product & Marketing Chapter 14, 15, 13 & 16 • 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 . . . .

  4. Product & Marketing Chapter 14, 15, 13 & 16 • 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)

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

  6. 5 Product Market Components Chapter 14, 15, 13 & 16

  7. Market Research Chapter 14, 15, 13 & 16 • 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

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