Thus, in reading this assignment, you should note that a product may be perceived differently by different people. Developing products that are perceived by consumers as satisfying a need and managing a consistent core product image for a target market are critical to sustainable success in marketing. Both of these definitions indicate that a product has both intangible or tangible elements. However, perhaps the most important aspect of these definitions is the focus on satisfying consumer or organizational needs . Thus, the product concept is the core of all marketing strategies.
Every product starts as an idea.
But all new product ideas do not have equal merit or potential for economic or commercial success. A few sources of information leading to new product ideas are listed in Table 5.1. Sales Force Knowledge of customers' needs Inquiries from customers or prospects Knowledge of the industry and competition 2. Research and Engineering Application of basic research Original and creative thinking Testing existing products and performance records Accidental discoveries 3. Other Company Sources suggestions from employees utilization of by-products or scrap specific market surveys 4.