M3

• Product


  Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or a need. It includes physical objects, services, persons, places, organizations and ideas.
• Product


  • Core product
  • Basic product
  • Expected product
  • Augmented product
  • Potential product
• Product variation


  Improve an existing product, adapt the product to changing customer needs and in order to differentiate from competition
• Product maintenance


  Continuously improve the product; minor changes. Aims: solve problems with the product, realize more efficient production processes, ensure product actuality
• Product relaunch


  Comprehensive changes to one or several product features, often supported by marketing activities. Aims: reactivate stagnating or declining sales or revenues, extend the product's lifecycle
• Product differentiation


  Offer several product types to satisfy different target groups' needs
• Product differentiation types


  • Product differentiation in narrow sense
  • Product differentiation in broader sense (product variety)
• Product differentiation in narrow sense


  Offer different product types to better target different customer groups, try to satisfy customers need for individualized and unique products (e.g. mass customization)
• Product differentiation in broader sense (product variety)


  Different product types are not targeted at different customer groups, offer several product types that may cannibalize each other to enable variety-seeking behavior, aim: higher sales and revenues due to a higher purchase intensity
• What constitutes a new product?

  • New category entries
  • Classically innovative products
  • Additions to the product line or line extensions
• New category entries


  A new technology or product that may or may not deliver benefits to customers
• Classically innovative products


  An idea or product or technology that has been developed and marketed to customers who perceive it as novel or new
• Additions to the product line or line extensions


  Product innovation encompasses