Product Development and Standardization
- Pages: 2
- Word count: 469
- Category: Marketing
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* It can be a replacement product for some but imitative to the other.
Classification of New Product
1. Innovative Product
* These product were created upon realization of an unanswered need in the market which has not been fulfilled by any substitutes.
2. Replacement Products
* Those with significant difference from existing products.
3. Imitative Products
* These are product new to the imitating company but not from the other companies.
Product Planning and Development
* Systematic process for originating, developing and evaluatingnew product ideas.
Steps in Product Development
1. Idea Generation
2. Screening of Ideas
3. Formal Business or Economic Analysis
4. Product Development
5. Test Marketing
Stage in the Product Life Cycle
1. Introduction Stage
* Stage when the product is launched in the market.
2. Growth Stage
* When sales and profit increase.
3. Maturity Stage
* Sales and profit start to decline.
4. Decline Stage
* As new comes in, they replace the old ones.
Reasons Why New Product Fail
1. Inadequate market analysis
2. Product deficiencies
3. Lack of effective market effort
4. Competitive strength and reaction
5. Poor timing of introduction
6. Technical or production problems
Possible Solutions to Avoid Product Failure
1. Strengthening new product planning
2. Better marketing research
3. Improved screening and evaluation of ideas and product
* Is a word, mark, symblol, or a combination of them used to identify the marketer’s product or source. Brand name
* Is something that can be vocalized or spoken
* Brand register under the Philippine Patent Office and therefore given a legal protection.
Classification of Brands
1. According to ownership
2. According to extent of geographic
3. According to use by owner of brand
A. Primary brand
B. Secondary brand
4. According to number of products covered
A. Individual or separate name brands
B. Family or blanket brands
* A group of activities in product planning which involve designing and producing container or wrapped for products.
Reason for Packaging
1. For product protection during its route from the producer to manufacturer to final user. 2. It complements a company’s marketing program through product differentiation by customers. 3. It increase profit possibilities, particularly when other customers buy the product primarily because of the package.
Standardization and Grading
* Application of standards relates mainly to manufacture products.
* Techniques of governing the manufacturing process in such a way to remove assignable causes of variation in quality and to develop products with relatively uniform characteristics.
* Process of comparing, separating, or inspecting product according to established specifications such as set of standard of size, color, weight , performance, or quality.
Advantages of Standardization
1. To produce reasonably uniform goods and improve the quality or performance such as product. 2. Helps manufacturers reduce waste in production, increase uniformity of products and improve products quality.
To distributor’s, standardization—
* Simplifies buying and selling functions
* Provides for conveniences and economies in transportation and storage.