PRODUCT CHARACTERISTICS & CLASSIFICATIONS Product level: The customer value hierarchy Is product a tangible offering? No‚ it’s more than that. “Product” is anything which can satisfy market. People classify products according to customer value. It’s illustrated by this circle system. At the centre is core benefit which the customer really buy. Take Shilla‚ a hotel of SamSung group‚ for example‚ when you get there‚ what are you pay for? Is it a room‚ or a bed‚ or a shower? Not at all. Basically
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The Product Life Cycle Product life cycle is made based on the biological life cycle. Most projects goes through similar stages on the path from origin to completion. Johnson (2012) stated that product life cycle (PLC) is a trend whereby a brand new and original product become out-of-date and gradually obsolete (Johnson‚ 2012). There are four major phases in the project life cycle as shown in Figure 1 (refer to Appendix). These major phases are introduction stage‚ growth stage‚ maturity stage and
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1. Compare functional and product departmentalization in terms of relative efficiency‚ production‚ satisfaction‚ flexibility‚ quality‚ competitiveness‚ and development. Consider particularly the possibility that one basis may be superior in achieving one aspect of effectiveness‚ yet inferior in achieving another. Functional departmentalization has organizational and production efficiency and product departments should have overall higher satisfaction and adaptability within its department. Departmentalization
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CROWDSOURCING IN PRODUCT DESIGN FROM A MARKETING PERSPECTIVE ABSTRACT Crowdsourcing is the practice of outsourcing tasks including a form of compensation to a wide external group of people. It is a newly used term which refers to the process of obtaining services‚ ideas‚ or content by seeking contributions from a large group of people particularly from the online community rather than from traditional employees or suppliers. Multiple types of businesses nowadays are using crowdsourcing for a
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Product complexity definition What product “complexity” means to supply chain and the industry? It can be define differently based on the industry and the market. A lot people think complexity is the same meaning with complicacy or simplicity. Unfortunely‚ both of the definition is wrong because complexity is something that interacts among each other and sub divide it in all its single elements and lead to the solution of the problems. “Complexity makes a supply chain inflexible and inefficient
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Augmented Product The concept of the augmented product arises from the need to differentiate a generic product from those of its competitors. Brands cannot exist in the long-run unless consumers can distinguish it from others. The more distinctive a brand position‚ with favorable attributes that the customer considers important‚ the less likelihood that a customer will accept a substitute. To attract and retain consumers‚ the brand must convince them that it is relevant to the consumer’s individual
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Compaq notebooks 1.0 INTRODUCTION Compaq Computer‚ based in Houston‚ Texas‚ is the world’s largest personal computer manufacturer and the fourth largest information technology (IT) company. From 1992-1997‚ the company’s aggressive high volume PC strategy propelled it to high growth rates in revenues‚ while its leadership in PC servers sustained strong margins and drove profit growth. Starting in 1995‚ former CEO Eckhard Pfieffer began to transform Compaq from a pure PC company to a full-service
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Silent Money Makers How has product placement came to be such an important factor on television and in the movies today? Why is it that when we are watching a movie‚ we see all of these random products we’re familiar with? Product placement began in the nineteenth century. It has been used more and more ever since. Product placement is quite frequently used in just about every movie that has came out and every TV show that has aired in the 21st century. “Increasingly‚ product placement in the multibillion
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Chapter 12: Setting Product Strategy GENERAL CONCEPT QUESTIONS Multiple Choice 1. Marketing planning begins with the formulation of an offering to ________ target customers’ needs or wants. a. exceed b. meet c. capture d. compete with e. comprehend Answer: b Page: 372 Level of difficulty: Easy 2. The customer will judge the offering by three basis elements: ________‚ services mix and quality‚ and price. a. performance b. salespeople
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NEW PRODUCT DESIGN 3 2.1 Cost 3 2.2 Customer’s Satisfaction 3 2.3 Ergonomics 4 2.4 Product Life Cycle 4 2.5 Legal and Ethic 5 2.6 Technological Changes 5 2.7 Quality 6 2.8 Environmental Friendly Product 7 3.0 CONCLUSION 7 4.0 REFERENCES 8 1.0 INTRODUCTION Developing a new product is an important step for a company in their effort to success and be competitive in the business that they have earned even though it is difficult to create new products. Product design
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