ch 12-22

ch 12-22 - Principles of Marketing Final Exam Study Guide...

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Principles of Marketing Final Exam Study Guide You will be very well prepared for the  final exam by knowing for each concept: The definition Benefits and drawbacks or key issues associated with the concept An example
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Chapter 12 Developing and Managing Products Line extension:      the development of a product closely related to one or more products in  the existing product line but designed specifically to meet somewhat different customer  needs/ example: Speedo introduced high performance winter sport suits at the Winter  Olympics in 2006. types of product modifications (quality, functional, aesthetic):       - Quality modifications - changes relating to a producer’s dependability and durability - Functional modifications - affect product’s versatility, effectiveness, convenience, or safety - Aesthetic modifications-  change the sensory appeal of a product by altering its taste,  texture, sound, smell, or appearance 7 stages of new product development process: what does each phase consist of?     1. Idea generation-businesses and other organizations seek product ideas that will help them  achieve their objectives 2. Screening- ideas with the greatest potential are selected for further review 3. Concept testing- a small sample of potential buyers is presented with a product idea  through a written or oral description (and perhaps a few drawings) to determine their  attitudes and initial buying intentions regarding the product 4. Business analysis-the product idea is evaluated to determine its potential contribution to  the firm’s sales, costs, and profits; firms seek market information 5. Product development- phase in which the organization determines if it is technically  feasible to produce the product and if it can be produced at costs low enough to make the  final price reasonable; how much quality to build in the product? 6. Test marketing-a limited introduction of a produce in geographic areas chosen to represent  the intended market; can measure sales performance in certain areas 7. Commercialization-plans for full scale manufacturing and marketing must be refined and  finalized and budgets for the project prepared  product positioning : creating and maintaining a certain concept of a product in consumer’s  minds     1. Quality - overall characteristics of a product that allow it to perform as expected in  satisfying customer needs  2. Product design-  how a product is conceived, planned , and produced/ Product features-  specific design characteristics that allow a product to perform certain tasks
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This note was uploaded on 05/09/2008 for the course MKT 3305 taught by Professor Blocker during the Spring '07 term at Baylor.

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ch 12-22 - Principles of Marketing Final Exam Study Guide...

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