Product revitalization decisions
Product revitalization decisions Corrective actions Product modifications (cost reduction) Increase the price Product improvement Decrease the price Development of new market Increased promotional expenditure Revamping distribution channels
Product elimination decisions Factors to be considered during product elimination decision Full line policy Corporate image Sales of other products Profitability of other products
Service marketing Include all economic activities whose output is not a physical product , is generally consumed at the time it is produced and provides added value in forms that are essentially intangible
Some service sectors … Transportation Communication Retail trade Finance, insurance and banking Hotels and lodging Government Universities and educational institutions
Services are … Intangible Inseparability Heterogeneity Perishability
The services marketing triangle Company (management) Internal marketing External Marketing Delivery Employees Customers
GAPS model of service quality Gap 1- Difference between customer expectation and perception Gap 2 – Not knowing what customers expect Gap 3- Not selecting the right service designs standards Gap 4- Not delivering the service standards Gap 5- Not matching performance to promise
Strategic innovation and new product development
What is new product New to the world New product lines Product variants Improvements in the existing products Repositioning
Where do new ideas come from Within the company Customers
New product development process Idea generation Idea screening Idea evaluation and preliminary business analysis Product development and testing Formal business planning commercialization
Organisational aspects in new product development Product managers New product managers New product committees New product departments
TERIMAKASIH