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level: The Marketing Mix; Product

Questions and Answers List

level questions: The Marketing Mix; Product

QuestionAnswer
What is a Product [Marketing Mix]Something that can satisfy Customer Needs
How important is the Product in the Marketing Mix? What does it act like?-The heart of Marketing; without this, the other 3Ps Wouldn't Hapen -However this is controversal.
Why do New Products, Happen?-Our age is in a Rapid Technological development, along with change happening -Some Products can survive long periods, whilst others last a month -Constant changes happen from the changing Needs and Expectations from the Customers
Evaluate Product in the Marketing Mix-An Important part of the Marketing Mix; mixed with other Elements -To Design a Product to fit the Current Needs of the Customer -Manufactures want to be 100% sure that the Product will Sell -Retailers need to know Which Product to Sell -Products may need to be Updated -How long can the Product last before it needs to be Replaced?
Which Factors affect which Product to develop?-Is there a Gap in the Market -New Inventions or Ideas -Are there Existing Products that has Declining Sales -Changing Customer Requirements and Fashions
How does the Image affect the Product?-Take a Famous Quality Sports Cars Company -It sees that their is Demand on a Budget Car -It exploits that gap, but it fails, because the Company's Image doesn't relate to the Budget Car
What factors Influence the Designing of a New Product-Functional; Can the Product do, what its supposed to do -Reliable; Will it keep doing what its supposed to do, over and over again, for a period of time -Aesthetic; Does it appeal to the Image. Does the Image suit the Imagery of the Customer -Quality; Does it meet the needs and Expectations of the Customers -Economic; Is it Efficient in its Output price: Cost of Production? Is it Easy to get hold of the Product, so it can be done quickly?
What is the Difference between Invention and Innovation?-Creating a new Product or Process [Invention] -Turning a new idea, into a Reality [Innovation]
What comes out of a New Product Development?-Risk; Research and Development Costs are met, leading to a loss, or a Reward -Reward; Can be able to stay ahead of the Competitors. Can also make Profit