All products and services have a certain life span which is measured by the chronological history of sales from the launch of the product until its withdrawal from the market.…
The product is at the heart of marketing activities. That makes it crucial to distinguish between the different classifications of products. Only by understanding what we are actually marketing, we…
In today’s globalized world, a large share of services is internationalized. Services such as car rentals, banking or various online services are standardized for a global target group. In the…
Products can be defined quite broadly. We will now focus on one special category of products: consumer products. Consumer products are those types of products you have to do with…
Providing superior customer value is necessary, but not sufficient for success in the marketplace. Besides fulfilling the needs of customers, marketing strategies must build a decisive advantage over the competition.…
Economies of scope and economies of scale are two often confused economic concepts that both have the same eventual objective: helping the company to cut cost. However, it is important…
We have learnt so far that there are different Types of B2B Products. They can be classified into three categories: Entering goods, Foundation goods and Facilitating goods. Now, we want…
There are several types of B2B products. Classifying them is important as it aids in developing strategies: each type of product is unique. The types of B2B products provide basic…
For the development of new products, it is crucial to understand what problems current customers have with existing solutions. Finding customer problems is key to developing the right solutions! Finding Customer…
Open innovation in new product development is the dominant model of innovation in the 21st century. It allows us to extend our horizon when developing new products and capture the best ideas…