5.1 Notes - Kassidy Kreitz - Sports Entertainment Marketing Chapter 5.1 Questions 1 List and describe the seven steps for developing a new product Step

5.1 Notes - Kassidy Kreitz - Sports Entertainment Marketing...

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Sports & Entertainment Marketing Chapter 5.1 Questions 1.List and describe the seven steps for developing a new product.StepDescription 1. SWOT This is used to determine the strengths, weaknesses, opportunities, and threats of the company. 2. Idea Generation Involves generating new product ideas from many sources, including consumers, employees, departments, and competitiors. 3. Screening & Evaluation The product is evaluated to see if the company has the ability to create the product and if it is within the companies objectives. 4. Business Analysis THe financial aspect of making and marketing the product are reviewied. 5. Development Here, the product is made. 6. Test Marketing The product is available for sale in a small geographic
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Unformatted text preview: area. 7. Commercialization This is where the product is offered in the marketplace to consumers. 2. Name and describe the four stages in the product life cycle. Stages Description 1. Introduction The product is introduced in the marketplace and there is more than likely no profit. 2. Growth More competitors enter the marketplace and new features are added to the product. 3. Maturity There is a loss of repeat customers, sales slow, and it is hard to get new customers. 4. Decline The profits drop and the product is either discontinued or not promoted. 3. What three things can be done to manage a product through its life cycle?-Modify the product-Market the product-Reposition the product....
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  • Winter '17
  • Wagner
  • Marketing, new product ideas

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