CHAPTER 4

PRODUCT

Types of Consumer Importance of New New Product

Branding Packaging Product Life Cycles
Products Products Development Process

Convenience Product Benefits

Promoting Products Increased sales through New-product strategy
Inexpensive items 1. Product identification
Little shopping effort 2. Repeat sales longer sales life
3. New product
2. Idea Generation
Increased margins

Shopping Product 3. Idea screening

Require comparison Containing and
More expensive Protecting Products Increased product
Found in fewer store loyalty 4. Business
Strategies Analysis
1. Manufacturers’
Brands
2. Private Brands More resale opportunity
Specialty Product 3. BOTH 5. Development
Consumers search Storage, Use and
extensively Convenience
Reluctant to accept
substitutes Greater market
responsiveness 6. Test Marketing

Unsought Product Trademarks

Unknown to the 1. Shapes Recycling and Reducing A sustained leadership
potential buyer 2. Ornamental color or Environmental Damage
design
position 7. Commercialization
Known product but not
actively seek by buyer 3. Catchy phrases
4. Abbreviations
5. Sounds

New Product