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Principles of Marketing

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Principles of Marketing ­ MGT301
VU
Lesson ­ 23
Lesson overview and learning objectives:
Today's Lesson is devoted to revision of the first p of the marketing mix which is Product.
KEY TERMS
New-product development
The  development  of  original  products,  product
improvements, product modifications, and new brands
through the firm's own R&D efforts.
Idea generation
The systematic search for new-product ideas.
Idea screening
Screening new-product ideas in order to spot good ideas
and drop poor ones as soon as possible.
Product concept
A detailed version of the new-product idea stated in
meaningful consumer terms.
Concept testing
Testing new-product concepts with a group of target
consumers to find out if the concepts have strong consumer
appeal.
Business analysis
A review of the sales, costs, and profit projections for a new
product to find out whether these factors satisfy the
company's objectives.
Product development
A strategy for company growth by offering modified or new
products to current market segments. Developing the
product concept into a physical product in order to ensure
that the product idea can be turned into a workable product.
Commercialization
Introducing a new product into the market.
Test marketing
The stage of new-product development in which the
product and marketing program are tested in more realistic
market settings.
Sequential product development
A new-product development approach in which one
company department works to complete its stage of the
process before passing the new product along to the next
department and stage.
Introduction stage
The product life-cycle stage in which the new product is
first distributed and made available for purchase.
Growth stage
The product life-cycle stage in which a product's sales start
climbing quickly.
Maturity stage
The stage in the product life cycle in which sales growth
slows or levels off.
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Principles of Marketing ­ MGT301
VU
Decline stage
The product life-cycle stage in which a product's sales decline.
Innovators
Innovators help get the product exposure but are not often
perceived by the majority of potential buyers as typical consumers.
Early Adopters
This group serves as opinion leaders to the rest of the market.
Early Majority
Some 34% of the market that is the "typical consumer" but likely to
adopt innovations a little sooner.
Late Majority
This group is skeptical and adopts innovations only after most of
the market has accepted the product.
Laggards
This group is suspicious of change and adopts only after the
product is no longer considered an innovation.
Core product
Is the core, problem solving benefits that consumers are really
buying when they obtain a product or service. It answers the
question is what is the buyer really buying?
Actual product
May have as many as five characteristics that combine to deliver
core product benefits.
Augmented product
Includes any additional consumer services and benefits built around
the core and actual products.
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Table of Contents:
  1. PRINCIPLES OF MARKETING:Introduction of Marketing, How is Marketing Done?
  2. ROAD MAP:UNDERSTANDING MARKETING AND MARKETING PROCESS
  3. MARKETING FUNCTIONS:CUSTOMER RELATIONSHIP MANAGEMENT
  4. MARKETING IN HISTORICAL PERSPECTIVE AND EVOLUTION OF MARKETING:End of the Mass Market
  5. MARKETING CHALLENGES IN THE 21st CENTURY:Connections with Customers
  6. STRATEGIC PLANNING AND MARKETING PROCESS:Setting Company Objectives and Goals
  7. PORTFOLIO ANALYSIS:MARKETING PROCESS,Marketing Strategy Planning Process
  8. MARKETING PROCESS:Analyzing marketing opportunities, Contents of Marketing Plan
  9. MARKETING ENVIRONMENT:The Companyís Microenvironment, Customers
  10. MARKETING MACRO ENVIRONMENT:Demographic Environment, Cultural Environment
  11. ANALYZING MARKETING OPPORTUNITIES AND DEVELOPING STRATEGIES:MIS, Marketing Research
  12. THE MARKETING RESEARCH PROCESS:Developing the Research Plan, Research Approaches
  13. THE MARKETING RESEARCH PROCESS (Continued):CONSUMER MARKET
  14. CONSUMER BUYING BEHAVIOR:Model of consumer behavior, Cultural Factors
  15. CONSUMER BUYING BEHAVIOR (CONTINUED):Personal Factors, Psychological Factors
  16. BUSINESS MARKETS AND BUYING BEHAVIOR:Market structure and demand
  17. MARKET SEGMENTATION:Steps in Target Marketing, Mass Marketing
  18. MARKET SEGMENTATION (CONTINUED):Market Targeting, How Many Differences to Promote
  19. Product:Marketing Mix, Levels of Product and Services, Consumer Products
  20. PRODUCT:Individual product decisions, Product Attributes, Branding
  21. PRODUCT:NEW PRODUCT DEVELOPMENT PROCESS, Idea generation, Test Marketing
  22. NEW PRODUCT DEVELOPMENT:PRODUCT LIFE- CYCLE STAGES AND STRATEGIES
  23. KEY TERMS:New-product development, Idea generation, Product development
  24. Price the 2nd P of Marketing Mix:Marketing Objectives, Costs, The Market and Demand
  25. PRICE THE 2ND P OF MARKETING MIX:General Pricing Approaches, Fixed Cost
  26. PRICE THE 2ND P OF MARKETING MIX:Discount and Allowance Pricing, Segmented Pricing
  27. PRICE THE 2ND P OF MARKETING MIX:Price Changes, Initiating Price Increases
  28. PLACE- THE 3RD P OF MARKETING MIX:Marketing Channel, Channel Behavior
  29. LOGISTIC MANAGEMENT:Push Versus Pull Strategy, Goals of the Logistics System
  30. RETAILING AND WHOLESALING:Customer Service, Product Line, Discount Stores
  31. KEY TERMS:Distribution channel, Franchise organization, Distribution center
  32. PROMOTION THE 4TH P OF MARKETING MIX:Integrated Marketing Communications
  33. ADVERTISING:The Five Mís of Advertising, Advertising decisions
  34. ADVERTISING:SALES PROMOTION, Evaluating Advertising, Sales Promotion
  35. PERSONAL SELLING:The Role of the Sales Force, Builds Relationships
  36. SALES FORCE MANAGEMENT:Managing the Sales Force, Compensating Salespeople
  37. SALES FORCE MANAGEMENT:DIRECT MARKETING, Forms of Direct Marketing
  38. DIRECT MARKETING:PUBLIC RELATIONS, Major Public Relations Decisions
  39. KEY TERMS:Public relations, Advertising, Catalog Marketing
  40. CREATING COMPETITIVE ADVANTAGE:Competitor Analysis, Competitive Strategies
  41. GLOBAL MARKETING:International Trade System, Economic Environment
  42. E-MARKETING:Internet Marketing, Electronic Commerce, Basic-Forms
  43. MARKETING AND SOCIETY:Social Criticisms of Marketing, Marketing Ethics
  44. MARKETING:BCG MATRIX, CONSUMER BEHAVIOR, PRODUCT AND SERVICES
  45. A NEW PRODUCT DEVELOPMENT:PRICING STRATEGIES, GLOBAL MARKET PLACE