Developing and Marketing Products

THE TOP TEN MOST IMPORTANT
new to the world products introduced
in the past 100 years are:

1 Penicillin

2 Transistor radio

3 Polio vaccine

4 Mosaic (the first graphic web browser)

5 Microprocessor

6 Black and White Television

7 plain paper copier

8 Alto personal computer ( prototype of today's PC)

9 Microwave oven

10 Arpanet network (groundwork for the Internet)


New products are important to sustain growth, increase revenues and profits, and replaced obsolete items.

The product life cycle is one of the most familiar concepts in marketing. The metaphor that traces the stages (i.e. the products birth or introduction to its death or decline)

Market Segmentation

Market people or organizations with needs or wants and the ability and willingness to buy

Market Segmentation a process of dividing a market into meaningful, relatively similar, and identifiable segments or groups

1)for instance scanners used at the checkout give retailers an accurate assessment of what sells best in their certain region
2) they can appeal to local preferences.
3)To be able to react more quickly to competition

Positioning the place a product, brand, or group of products occupies in a customers minds

Repositioning changing the perception of a brand in a customers mind

Customer Decision Making

Need Recognition an imbalance between desired and actual states

Want recognition of an unfulfilled need and a product that will satisfy it

Cognitive Dissonance inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions