Principles of Marketing
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| Product Manager | manages all the products in a product line | |
| Brand Manager | manages one product item | |
| Market Manager | manages all products to a certain segment | |
| Venture Team | creates new products--often has people from many different departments (marketing, accounting, R&D) | |
| 3 Ways to Improve Products | 1. quality modifications 2. functional modifications 3. aesthetic modifications | |
| Quality Modifications | improve product quality (dependability or durability) | |
| Functional Modifications | make the product more effective, versatile, convenient, or safer | |
| Aesthetic (Style) Modifications | change the appearance or other sensory attributes of a product | |
| 3 Product Deletion Methods | 1. phase out 2. run out 3. immediate drop | |
| Phase Out | allows the product to decline without changing the marketing strategy (choose this when breaking even) | |
| Run Out | change the marketing mix to squeeze the last bit of profit out of the product (choose this when experiencing small losses) | |
| Immediate Drop | drop the product entirely (choose this when experiencing big losses) | |
| 3 Strategies for Developing New Products | 1. Duplication 2. Innovation 3. Invention | |
| Duplication Strategy | develop a new product by producing the same product as competitors (low risk & investment) | |
| Innovation Strategy | develop a new product by improving on a competitor's product (moderate risk & investment) | |
| Invention Strategy | produce a completely new product (high risk & investment) | |
| 7 Phases of New Product Development | 1. idea generation 2. screening 3. concept-testing 4. business analysis 5. product development 6. test marketing 7. commercialization | |
| 2 Approaches to Idea Generation | 1. internal 2. external | |
| Screening | selecting the new product idea that has the greatest potential | |
| Concept Testing | seeks potential buyers' responses to a product idea | |
| Business Analysis | managers discuss the cost, revenue, and profit implications of the new product idea | |
| Product Development | determining feasibility and fashioning a prototype | |
| Standard Test Marketing | select a small number of cities and expose them to the full marketing mix (high cost and time) | |
| Controlled Test Marketing | research companies select a small number of stores in a few cities (lower cost and time than standard test mktg) | |
| Commercialization | tweaking and finalizing plans and budgets for full-scale manufacturing and marketing of a product | |
| Roll-Out | commercialization strategy whereby product is introduced in a limited area and more areas are gradually added | |
| Sell-In | commercialization strategy whereby the product is introduced and sold everywhere from the start |
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