Please reword these paragraphs in your own words. Please DO NOTCOPY from any websites or any other sources.
o 1-the content about 'continuous innovation' was very interesting. Products that can be categorized as continuous innovation basically require that the consumer does not need to learn anything new in order to use them. The customer already knows what to do with the product even if it has been enhanced or slightly tweaked. Products that are categorized as 'discontinuous innovation' requires the consumer learn new behaviors or techniques. The tie to Geek Squad was apparent - that company provides a necessary service to many consumers of electronic products that require new skills and new learning for setup or use (discontinuous innovation).
o 2-The four I's of service was interesting to me as how different they are from product.
Intangibility is a service that is not tangible, it is not an option rather an act such as getting a massage.
Inconsistency is the lack of a product or service being the same every time. This is something you would more than likely see with a haircut, or watching a concert, getting tutoring. The person does not act the same which would more than likely trickle down to the service being different as well.
Inseparability is when the consumer cannot separate the deliverer of the service from the service itself. This often happens at Dr. Offices. If a patient does not get the amount of attention/service that they are expecting they tend to be unhappy with the services.
Inventory- When you think of inventory you think of tangible items, you can touch, see. Often inventory issues tend to be goods expiring or the cost. But the inventory of services is the lack of production. Someone not performing to their highest ability. Someone that might be sick would have poor service inventory due to a sickness. I definitely enjoyed this chapter as it really opened my eyes as to what the difference in services vs. product is.
o The four I's of service was interesting to me as how different they are from product.
Intangibility is a service that is not tangible, it is not an option rather an act such as getting a massage.
Inconsistency is the lack of a product or service being the same every time. This is something you would more than likely see with a haircut, or watching a concert, getting tutoring. The person does not act the same which would more than likely trickle down to the service being different as well.
Inseparability is when the consumer cannot separate the deliverer of the service from the service itself. This often happens at Dr. Offices. If a patient does not get the amount of attention/service that they are expecting they tend to be unhappy with the services.
Inventory- When you think of inventory you think of tangible items, you can touch, see. Often inventory issues tend to be goods expiring or the cost. But the inventory of services is the lack of production. Someone not performing to their highest ability. Someone that might be sick would have poor service inventory due to a sickness. I definitely enjoyed this chapter as it really opened my eyes as to what the difference in services vs product is.
3-One of the topics this chapter brought up was bogo deals. I have a hard time with these deals because a lot of times I don't need the second item. When I walk through the store and see signs for huge savings but still end up spending more than I extended to I don't feel like I got a good deal. I think retail store have done a great job of tricking people into spending more money than they want or bed to just because of the line on the bottom of the receipt that says you saved x amount of dollars. That being said it is a genius move to do this because in the long run the sale worked and the company ended up making more money by giving a discount. Good research has shown that a "deal" done properly will make the company money as long as they make sure that the final price makes more money than the cost of production
4-This chapter breaks down pricing, discounts, and allowances. Many times discounts and allowances are used to help promote sales. It entices people to choose one product or service over another. It also is used to reward valuable customers. It helps move stock. We give our customers a discount, if they refer another customer. We also give discounts for people who pay their bills early. This would be an example of how we are rewarding our customers. Many stores now days have customer perks. Walgreens and Winn-Dixie are two examples of stores that have a rewards program. When you spend, they scan your card. When you receive a certain amount of points on those cards, customers are rewarded by receiving a discount or some perk on future purchases.
Brands are the glue to the marketing mix
5-I thought the GM example in this video wrapped up the message nicely. Previously, GM would create a car and then try to decide who they would sell it to and what they wanted to say about the car. According to the speaker, this is somewhat backwards. A company needs to do their market research and figure out what they want to bring to the consumer. Then they can put together a concept and introduce it to the market. If they are not getting a great response to the concept, they really don't have to move forward or spend any additional money creating the product. They already know it won't sell. At that point, they can try to modify the concept or start over with a new concept. In processes like this, building brand awareness means that every team involved has to be focused on the culture of the brand and the needs of both the customers and company. To do this, all parties must have great communication. The speaker mentioned the 4 Ps (product, pricing, placement, and presentation). If each department or team is siloed and only focused on their own contribution, the marketing plan would be disjointed. One company that comes to mind when I think of building a brand is SC Johnson. I hear the name and I instantly also hear, "A family company." From household cleaning products like Windex to baby care products, the brand name evokes a feeling of familial bond and support. Because of this, they have gained the trust of consumers, making it easier to market new products.
o 6-Select a product or service. Then select three different organizations that provide your selected product or service and compare the prices associated with your selected product or service. What is the difference between the prices among the different organizations? What is the rationale for this difference?
o 7-Select a product with which you are familiar. What stage is your selected product at in the product life cycle? Provide rationale for your answer. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product?
Teacher's question
? 8-Is there an advantage of purchasing a product during its introductory stage vs later when the product's issues have been ironed out by the company? What about the viewpoint of a product developer or product manager?