Developing Successful Products

Chapter 10

PRODUCTPRODUCTAnything tangible offered to market by a business to satisfy needs.

Vocabulary

PRODUCT LINE

PRODUCT LINEA group of similar products with slight variations in the product mix to satisfy needs in a market

Vocabulary

PRODUCT ASSORTMENT

PRODUCT ASSORTMENTThe complete set of all products a business offers to its market.

Vocabulary

TRADEMARK

TRADEMARKThe legal protection of the words or symbols for use by a company.

Vocabulary

LICENSED BRAND

LICENSED BRANDA well-known name or symbol established by one company and sold for use by another company to promote its products.

Vocabulary

CONSUMER MARKETS

CONSUMER MARKETSIndividuals or socially related groups who purchase products for personal consumption.

Vocabulary

DIRECT DEMAND

DIRECT DEMANDThe quantity of a product or service needed to meet the needs of the consumer.

Vocabulary

DERIVED DEMAND

DIRIVED DEMANDThe quantity of a product or serviced needed by a business in order to operate at a level that will meet the demand of its customers.

Vocabulary

BUSINESS MARKETS

BUSINESS MARKETSCompanies or organizations that purchase products for the operation of a business or the completion of a business activity.

Vocabulary

NEW PRODUCT

NEW PRODUCTAn entirely new product OR a product changed in an important and noticeable way.

Vocabulary

More Than Meets the EyeSection 10-1

• More than a Physical ProductDurable, attractive, safe, useful, meet the needs of the consumer.• What do you look for in a restaurant?

More Than Meets the EyeSection 10-1

• Consumers Knows BestLet consumers define the types of needs a businesses product can satisfy.• Can you think of a business that tries to sell you a product but makes mistakes in trying to match their products with your (teenage) needs?

Developing a ProductSection 10-1

• The Role of MarketingUse consumers needs as the primary focus during the planning, production, distribution, and promotion of a product.• Why do you think new product development is so important in the fashion industry?

Developing a ProductSection 10-1

• Marketing Activities1.Gather information2.Design strategies3.Conduct market tests

• How can marketers use market research to develop a product?