How is product defined?
A product can be tangible or intangible (services), purpose is for transaction. There are two types of products physical and services.
How do interactivity and individualization affect product?
They affect product development, it also allows the firm to learn about their consumers. It also allows the personalization of the product for the preference of consumers. It also will decrease costs for sellers.
What are the key marketing levers for product?
Key marketing levers are: loyalty programs and privileges – rewarding customers increasing relationships . Packaging – this makes the product stand out from the rest of the products that surrounds it (subconsciously and consciously too). Availability of complementary products- it improves the value or potential value of the basic product. Upgrades – this offers a greater potential value for the customer, it also helps in their long term relationship. Attributes and Features- this is use to differentiate companies from each other, by customizing specific things for the customer (taste or preferences). Customer Service programs – support for customers before/after sales, customer care and it also helps relationship management.
What does the overall product development process look like?
It starts with brainstorming Idea Generation. Having a clear set of objectives for new products with connections with the development process Screening Ideas. Product Design. Prototype development this helps the companies determine wheatear something really works and if its safe to use for customers, its an outline of the product, this also helps them save time and money since it is not fully functional. Looks at the equity of the company/brand- the image of the brand Business Analysis. Tests where new products should be open and looks if it is supported by the target Testing Marketing . Requires an implementation plan, resources – supplies – marketing – distribution have to been done in the right way in order for the process to work Commercialization.
How can companies mange their product portfolio?
They can support their current products/services, with their existing products, and can develop new products all together.
How can products help enable a customer relationship?
Can enhance value at relevant stages in the relationship.
How can a customer-centric approach to product development create strategic advantages?
It is able to gain insight into customer’s needs that can start at the registration stage when it’s a online product. Increase success base on customers’ acceptance.