MAR 3023 Chapter Notes - Chapter 6: Technologyone, Observability, Business Analysis
Document Summary
Concept testing the produce in which marketing professionals ask consumers for their reactions to verbal descriptions and rough visual models of a potential product. Product specific combination of goods, services, or ideas that a firm offers to consumers. Enrich the lives of consumers br providing designs, features, and functions that people need and want. Goods tangible products with physical dimensions, like a car. Services intangible products such as a tune-up on the car. Ideas intangible and represent formulated thoughts or opinions. Michigan promotes through its pure michigan marketing campaign is an example of an idea. Price is usually higher in the introductory stage. Evolution of products: faster and more economical transportation, mass production, the advent of electronic communication. New product one that is new to a company in any way. It may be functionally different from existing products in the market. Or it may be considered new because the company has not marketed it in its current form of manner.
