4 Product
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24 Terms
Product
Anything that can be offered to a market for attention, acquisition, or use to satisfy a want or a need.
Product Management
the process of managing a product throughout its life. It includes decisions about design, features and managing the brand
Core benefit vs Tangible product vs Augmented product
the core benefit is the basic problem solving service. The tangible product is the physical item with features. The augmented product includes extra services like warranty or delivery
Innovation process (the 4 stages)
idea generation 2. idea selection 3. Product development and 4. market launch (Commercialization)
Pioneer Strategy (First Mover)
Being the first company to bring a new product to the market. This can build strong brand recognition but is also very risky and expansive
Follower Strategy (Late-Mover)
Entering a market after a pioneer has already established it. This is less risky because the company can learn from the pioneers mistakes
Product life cycle (PLC)
The stages a product goes through: Introduction (launch), Growth (sales rise) Maturity (sales peak) and Decline (sales fall)