Introducing and Managing the Product

When a new product is developed and offered, a company must consider what will develop the product's value to the customer, whether the customer is a consumer or another business. Marketers must always ask where a new product will fit in their current lineup and how the new product will serve as an extension of an existing brand. Take the car manufacturer BMW. They make sporty luxury vehicles aimed at the upper-middle and wealthy classes.

LEARNING OBJECTIVES

After reading this chapter, you should be able to:

  • look at the meaning of the term "product" from three different perspectives: the manufacturer, the consumer, and the public
  • understand the three levels inherent in all products
  • learn the classification systems that are used to identify products and suggest appropriate marketing strategies
  • clarify the difference between goods, products, and service products
  • study some of the processes involved in product planning and strategy formulation: determination of product objectives and identification and resolution of factors that have an impact on the product
  • understand the eight steps that makeup the new product development system

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