Characteristics of new product that would be useful for predicting success and for prescribing effective marketing.
For predicting success and for prescribing effective marketing program, it is very much important to know the characteristics of new product. Product characteristics as well as consumer characteristics are also important for analyzing the relationships between them. There are some distinctive characteristics that would be useful for predicting success of the new products. Those are briefly discussed below:
1. Compatibility: Compatibility refers to the degree to which a product is consistent with consumers’ current affect, cognition and behavior or the degree to which potential consumers feel a new product is consistent with their present needs, values, and practices. For example – Gillette Mach3 Turbo over disposal razors, digital alarm clocks over analog alarm clocks.
2. Trialability: Trialability refers to the degree to which a product can be tried on a limited basis or divided into small quantities for an inexpensive trial. Other things being equal a product that facilitates a non purchase trial or a limited purchase trial is more likely to influence consumers to try the products. For example – free trials of software, free samples.
3. Observability: Observability is the degree to which products or their effects can be sensed by other consumers. That means the degree to which a product’s benefits or attributes can be observed, imagined, or described to potential customers. New products that are public and frequently discussed are more likely to be adopted rapidly.
4. Speed: Speed refers to how rapidly consumers experience the benefits of the products. Because many consumers are oriented toward immediate rather than delayed gratification, products that can deliver benefits sooner rather than later have a higher probability of at least being tried.
5. Simplicity: Simplicity refers to the degree to which a product is easy for a consumer to understand and use. Other things being equal, a product that does not require complicated assembly and extensive consumer training has a higher chance of trial. For example, many computer products, are promoted as being user-friendly encourages purchase.
6. Competitive advantage: Competitive advantage is the degree to which an item has a sustainable competitive advantage over other product classes, product forms and brands.
7. Product symbolism: Product symbolism refers to what the product or brand means to the consumer and what the consumer experiences in purchasing and using it.
8. Marketing strategy: What is the role of other marketing mix element in creating a functional or image related relative advantage.