Week 5: Chapter 10, 11, 12

 Takeaways from Chapters 10, 11, and 12 (Marketing, 16th Edition)

✨ Chapter 10 – Developing New Products and Services

In this chapter, I learned how companies create new products. A product can be a physical item, a service, or even just an idea. There are two main types: consumer products and business products.

The most interesting part for me was the 7-step New Product Development (NPD) process. It includes idea generation, testing, analyzing, and finally bringing the product to market. I was surprised to learn that 80% of new products fail! That means it’s super important to test and understand what people want before spending too much money.

My takeaway: Companies should plan carefully, talk to customers, and test products early to avoid failure.

✨ Chapter 11 – Managing Successful Products, Services, and Brands

This chapter explains how products have a "life"—called the product life cycle. It has four stages: Introduction, Growth, Maturity, and Decline. Each stage needs a different strategy.

Also, I learned how important branding is. A strong brand like Apple or Nike can help people trust the product. Brands give companies brand equity, which means value from customer loyalty and recognition.

My takeaway: A product needs to be updated or changed over time, and strong branding helps products stay successful longer.

✨ Chapter 12 – Services Marketing

This chapter was about services, like haircuts, hotel stays, or Uber rides. Services are different from products. They are:

  • Intangible (you can’t touch them),

  • Inconsistent (can change every time),

  • Inseparable (produced and used at the same time),

  • No inventory (you can’t store them).

I also learned the 7 Ps of marketing for services:
Product, Price, Place, Promotion, People, Physical evidence, and Process.

My takeaway: Service companies need to train their workers well and give a good experience every time, because customers will remember how the service made them feel.

Thanks for reading my blog! Let me know if you also found these chapters interesting or had a favorite part!

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