Examples of product adjustment in the following topics:
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- Marketers must often make product adjustments in order to keep the product competitive and continue to provide satisfaction to the buyer.
- The VW Beetle is an example of a product that has been adjusted and repositioned over the years in response to changes in technology, costs, and customer preferences.
- Because of factors such as these, a decision is made either to identify ways of adjusting the product in order to further distinguish it from others, or to design a strategy that will eliminate the product and make way for new products.
- A product position may change readily; keeping track and making necessary adjustments is very important.
- Discuss strategies for adjusting products in response to changes in consumer taste and the marketplace
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- Running a product trial is a common promotional tactic used by brands looking to enter a new market, release a new product, or increase existing sales.
- Product trials are useful when companies need to adjust parts of their marketing communications strategy to successfully target a market segment.
- Repackaging the offering so that students can "test drive" the product allows students to assess whether product benefits outweigh price and other factors during the buying process.
- Adjusting these three variables – price, product, and place (distribution or location) – enhances both the trial offer and the appeal of the final product or service.
- Companies offer free samples to encourage consumers to participate in product trials.
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- The marketer must also consider the product mix, which includes factors such as product depth and breadth.
- Product depth refers to the number of sub-categories of products a company offers under its broad spectrum category.
- Product breadth, on the other hand, refers to the number of product lines a company offers.
- Marketers should consider how to position the product, how to exploit the brand, how to exploit the company's resources, and how to configure the product mix so that each product complements the other.
- Adjusting the price has a profound impact on the marketing strategy, and depending on the price elasticity of the product, often it will affect the demand and sales as well.
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- Initial product testing and test marketing are not the same.
- It should enhance the new product's probability of success and allow for final adjustment in the marketing mix before the product is introduced on a large scale.
- First, there are substantial costs in buying the necessary productive capacity needed to manufacture the product or locating manufacturers willing to make limited runs.
- Even after all the test results are in, adjustments in the product are still made.
- Discuss the requirements that must be satisfied to conduct successful test marketing of new products and distinguish test marketing from initial product testing
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- When discussing quality one must consider design, production, and service.
- The specifications guide product and service design, process design, production of goods and delivery of services, and service after the sale or delivery.
- Designing a product with "ease of use" increases the chances that the product will be used in its intended design and it will continue to function properly and safely.
- Manufacturers must make sure that directions for unpacking, assembling, using, maintaining, and adjusting the product are included.
- Customers are willing to pay a very steep price for this product.
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- As a result of this rapid shift towards an integrated, global economy, brands must adjust all aspects of the marketing mix to fit local tastes and needs, while maintaining a consistent product and brand image.
- The four "P's" of marketing–product, price, placement, and promotion–are affected as a domestic or multinational company adjusts its strategy to become a global company.
- Product: A global company will have to tweak certain elements of its products for different markets.
- Product positioning, including whether the product is high-end, low-cost, or middle ground, compared with competing brands also influences the ultimate profit margin.
- Placement: Product distribution will also be determined by local and global competition, as well as the product's positioning in the marketplace.
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- Marketing teams must adjust their marketing mix strategies accordingly to adapt and succeed in a rapidly changing media environment.
- Marketing teams must adjust their marketing mix strategies accordingly to adapt and succeed in a rapidly changing media environment .
- Products and services are meant to satisfy customer wants and needs.
- Placement or distribution moves products from the producer to the consumer.
- Amazon also allows companies to advertise their products by paying a fee to be listed as featured products.
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- Although product development, promotional tactics and pricing mechanisms are the most visible during the marketing process, placement is just as important in determining how the product is distributed.
- Successfully positioning products on a global scale also requires marketers to determine each product's current location in the product space, as well as the target market's preferred combination of attributes.
- Regardless of its size or visibility, a global brand must adjust its country strategies to take into account placement and distribution in the marketing mix.
- In addition to where products are placed, global marketers must consider how these products will be distributed across the different shopping venues unique to that particular country or market.
- Examine the rationale behind product placement from a global marketing perspective
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- Marketers should understand the position of their company and the returns expected when making adjustments in prices.
- It provides a snapshot of profitability adjusted for the size of the investment assets tied up in the enterprise.
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- Customer service is regarded as a supplement to the product, and not a replacement for any part of the product.
- For instance, if a product is faulty in one way, having good, responsive customer service may ameliorate to some degree the customer's dissatisfaction, but will not make up for the deficiency in product quality.
- If a person buys a product that they are happy with, however, then good customer service can supplement this satisfaction.
- The importance of customer service varies by product, industry and customer.
- Retail stores, for example, often have a desk or counter devoted to dealing with returns, exchanges and complaints, or will perform related functions at the point of sale ; the perceived success of such interactions are dependent on employees who can adjust themselves to the personality of the guest.