Product refers to goods or services offered by a company.
The marketing concept is the idea that customer satisfaction is essential to business success.
Marketing mix refers to the four P's (product, price, promotion, place) used by businesses to create value for customers.
Price is the amount paid by customers for products, including discounts and promotions.
STEP 1 | IDEA GENERATION
1. Need/problem identification
2. Attribute listing
3. Forced relationships
4. Morphological analysis
5. Brainstorming
6. SWOT
7. Market research
8. Market scanning
9. Focus groups with customers
10. Value analysis of existing products
STEP 2 | IDEA SCREENING
Ideas generated are screened using predetermined criteria to reduce them to a manageable few
STEP 3 | CONCEPT DEVELOPMENT AND TESTING
1. New product ideas are converted to customer-centered product concepts
2. Tested for acceptability, believability, and potential intent
STEP 4 | BUSINESS ANALYSIS
Probable sales of new product are calculated together with its cost and potential profitability
STEP 5 | PRODUCT DEVELOPMENT
Concept is converted into a tangible working prototype
STEP 6 | MARKET TESTING
New products are marketed in a small geographical area to determine whether fine-tuning of attributes, positioning, pricing, advertising, and promotions programs are necessary
