Marketing Mix and New Product Development

Vocabulary flashcards covering core concepts of Marketing Mix and New Product Development from the lecture notes.

Marketing Mix

Refers to the 4 key decisions on product, price, promotion and place that must be taken to enable the effective marketing of a product.

Product

Goods and services that are the end result of the production process and are sold on the market to satisfy customer needs.

Goods

Items that have physical existence, such as television, mobile phones, and washing machines, and can be seen and touched.

Services

Items that have no physical existence, but satisfy consumer needs in other ways, such as car repairs, hairdressing, and banking, and cannot be seen and touched.

Brand

An identifying symbol, name, image or trademark that distinguishes a product from its competitors.

Intangible attributes

The subjective opinions of customers about a product, which cannot be measured or compared easily.

Tangible attributes

The measurable features of a product, which can be easily compared with other products, such as colour and size of cars.

New Product Development (NPD)

Refers to the design, creation and marketing of new goods and services.