New offerings that complement existing product lines. These additions enhance the brand's portfolio without straying from its core identity.

Future enhancements and innovations to meet evolving customer needs

The standard features and quality customers assume are included

The fundamental need or problem the product is designed to fulfill. Why the buyer should buy it?

Products that are not new to the marketplace but represent a new offering for the company. These products allow firms to enter established markets with a unique

• Final launch phase that assesses the effectiveness of the planning, design, and marketing efforts. • Ensure all elements - design, attributes, packaging - are aligned for successful market entry.

• Analyze costs associated with the product’s development. • Forecast potential profitability to ensure financial viability before proceeding further

The amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service

•The total range of products offered by a company, encompassing various product lines to meet diverse customer needs. • Represents the organization’s complete portfolio aimed at target customers, demonstrating market breadth.

Evaluate and filter generated ideas to eliminate those misaligned with company capabilities or market viability. ASSESS ASSOCIATED RISKS • Strategic Risk: Misalignment with business goals. • Market Risk: Lack of differentiation or customer appeal. • Internal Risk: Inability to develop the product on time and within budget.

Represents the location where the buyer and seller exchange goods or services. It is also called as the distribution channel. It can include any physical store as well as virtual stores or online shops on the Internet

It is part of categories of consumer goods • Items for which consumers actively compare quality, price, and features before purchase. • Often involve brand differentiation and are available across multiple outlets

•The addition of new items to an existing product line to diversify offerings and target new market segments. • Enables companies to leverage brand equity and explore growth opportunities within their established categories

Intangible offerings that fulfill specific needs without a physical product

Essential, frequently purchased items for daily use

The strategic design and presentation of a product's container to attract attention, communicate benefits, protect contents, and enhance brand identity.

• Develop a prototype to test and evaluate the design and functionality. • Gather feedback from designers and potential users to confirm

Extra features and benefits that go beyond customer expectations, enhancing value and uniqueness.

Products purchased for business purposes, often used in production or resold to industrial buyers.

•Conduct research to uncover and understand true customer needs and desires. • Design products or services that effectively address these needs, ensuring alignment with customer expectations.

•A subset of the product mix that groups products with similar characteristics or uses aimed at a specific market segment. • Focuses on depth within a category, allowing for tailored marketing strategies.

Is the component or element of marketing mix that is associated with informing, persuading and reminding the market about the product and offers, price, and availability which directly or indirectly affect the consumer behavior and organizational sales

The basic model with necessary features that deliver the core benefit

It is part of Categories of Consumer goods •These are those goods which the consumer does not know about or does not normally think of buying. These goods require advertising and personal-selling support.

Long-lasting products with a lifespan over three years, used repeatedly

Products designed to deliver similar benefits at a lower price point, representing significant production changes while maintaining brand identity.

• Conduct selective market testing with a sample group to gather feedback on product performance and reception. • Monitor results to adjust strategies as needed without incurring high costs

, or 4 Ps, is a strategic framework that integrates Product, Price, Place, and Promotion to meet customer needs, differentiate from competitors, and drive business growth by aligning offerings with market demand.

Strategic efforts to target new markets with existing products, often involving the introduction of new applications or uses

They are basically from the breakthrough of technologies and science of knowledge that the company has to painstakingly study where and to whom they will market such

• Engineering phase where the finalized product design undergoes further research, testing, and refinement. • Prepare the product for full commercialization

Products bought for personal or household use, fulfilling current needs or wants without intent to resell orfurther process

It is part of categories of consumer goods • Frequently purchased, widely available items that require minimal buying effort. • Positioned for quick, routine purchases with high accessibility

•Engage in brainstorming sessions to generate a wide range of product ideas. • Encourage creativity and open-mindedness, allowing all concepts to be

A distinctive product, service, or concept in the marketplace, identifiable through unique design elements like logos, symbols, names, or a combination of these

It is part of Categories of Consumer goods • Products with unique attributes or brand appeal that drive strong consumer preference. • Require targeted marketing, as consumers are willing to make significant purchasing effort

Enhancements made to existing products to increase their competitiveness and consumer appeal. This can involve modifying features or improving quality

A__________ includes all physical and non-physical attributes that a targeted buyer seeks to acquire for their satisfaction in exchange for a sp