Toyota case study
TOYOTA CASE STUDY
1. Identify using a model the levels of a product.
a) Core Benefit: This is the basic need of the consumer that the product satisfies. This is the basic need that urges the consumer to buy something. For example, a hotel room satisfies the basic need of having a place to sleep and some privacy. So the core benefit here is the need for a place to sleep and privacy.
b) Basic Product: This is the basic product that satisfies the inner needs of the consumer. At this level the product contains only those values and properties that are most essential for the product to function. For example, the hotel room that has a single bed and a lockable door.
c) Expected product: This involves all the aspects that the consumer expects to receive while purchasing the product. For example, the hotel room must have a clean room with an attached bathroom.
d) Augmented Product: This involves those aspects of the product that differentiates the product from its competitors. This includes everything that exceeds customer expectations. For example, complementary breakfast, air conditioner, etc in a hotel room.
e) Potential Product: This involves all the augmentations and transformations that the product may undergo in the future. For example, LCD television, surprise bottle of wine for a fifth time customer, hydro massage shower cabin, etc with the hotel room.
2. List and discuss the stages in the introduction of a new product. How is this relevant to Toyota?
Here is a list of stages in the introduction of a new product:
a) Idea Generation: New product idea can be generated through basic research by conducting a SWOT analysis, employees, focus groups, sales people, consumer trends, etc. Lots of ideas get generated. Many out of these are implemented. Brainstorming can also help in idea generation.
b) Idea Screening: The main object for this step is to eliminate unsound ideas before allocating resources to it. Marketers should
1. Identify using a model the levels of a product.
a) Core Benefit: This is the basic need of the consumer that the product satisfies. This is the basic need that urges the consumer to buy something. For example, a hotel room satisfies the basic need of having a place to sleep and some privacy. So the core benefit here is the need for a place to sleep and privacy.
b) Basic Product: This is the basic product that satisfies the inner needs of the consumer. At this level the product contains only those values and properties that are most essential for the product to function. For example, the hotel room that has a single bed and a lockable door.
c) Expected product: This involves all the aspects that the consumer expects to receive while purchasing the product. For example, the hotel room must have a clean room with an attached bathroom.
d) Augmented Product: This involves those aspects of the product that differentiates the product from its competitors. This includes everything that exceeds customer expectations. For example, complementary breakfast, air conditioner, etc in a hotel room.
e) Potential Product: This involves all the augmentations and transformations that the product may undergo in the future. For example, LCD television, surprise bottle of wine for a fifth time customer, hydro massage shower cabin, etc with the hotel room.
2. List and discuss the stages in the introduction of a new product. How is this relevant to Toyota?
Here is a list of stages in the introduction of a new product:
a) Idea Generation: New product idea can be generated through basic research by conducting a SWOT analysis, employees, focus groups, sales people, consumer trends, etc. Lots of ideas get generated. Many out of these are implemented. Brainstorming can also help in idea generation.
b) Idea Screening: The main object for this step is to eliminate unsound ideas before allocating resources to it. Marketers should