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What Do Marketers Do?
A product manager is the keeper of a brand. Their job is to develop the product strategy—the what, where, when, and how much of a product. Then, a product manager coordinates a cross-functional team of professionals from marketing, development, finance, legal,...
Chapter Summary
In this chapter we discussed the different forms of innovation as applied to new product development. The rewards of this development can include means to target a new market, to increase market share, and to increase revenue streams. Included in the risks are...
References
1. “December Holiday Campaigns That Caught Our Eye,” AgencyChina, January 9, 2018, https://agencychina.com/blog/december-holiday-campaigns-that-caught-our-eye/. 2. “12 Most Successful Shark Tank Products,” Shark Tank Tales, accessed January ...
Closing Company Case
Maintaining a Competitive Edge with New Offerings—Ember Every morning, millions of Americans wake up and prepare a cup of coffee. But as they sit down to drink it, the deluge of interruptions begins. Once the interruptions begin, that delicious dark roast o...
What Do Marketers Do?
Using an online networking platform—for example, LinkedIn—network and connect with someone in product development. Explain that you have a college project and that you’d like to interview them. There are hundreds of product development professionals, and you w...
Building Your Personal Brand
Review this Ascent article by Aaron Weber and pay attention to his explanation of the 5 Ps for building your personal brand. Write two paragraphs on what you feel your personal brand is today. Is it what you want it to be? Interview three colleagues, classmate...
Critical Thinking Exercises
1. From a consumer perspective, what motivates you to try a new product? What new products have you tried in the last year? Did you continue to purchase them after the initial trial? 2. Idea generation is the first step in new product develo...
Applied Marketing Knowledge: Discussion Questions
1. Explain the differences in: Continuous innovation Dynamically continuous innovation Discontinuous innovation 2. List the stages of new product development. 3. Consider new product adopter categories and answer the ...
Key Terms
additions to existing product lines product line extensions that involve changes to styles or flavors business analysis the fifth step in the new product development process, in which a potential new product is evaluated commercialization the eighth step ...
10.6 Ethical Considerations in New Product Development
LEARNING OUTCOMES By the end of this section, you will be able to: 1 Discuss violations of patents, trademarks, and/or copyrights. 2 Describe ways to exercise due care in product development. Violations of Patents, Trademarks, and/or Copyrights ...
Marketing Plan Exercise
Complete the following information about the company and products/services you chose to focus on as you develop the marketing plan throughout the course. You may need to conduct research in order to obtain necessary information. Instructions: Using the Market...
10.5 Stages in the Consumer Adoption Process for New Products
LEARNING OUTCOMES By the end of this section, you will be able to: 1 Describe the stages in the adoption process for new products. 2 Identify and define new product adopter categories. Stages in the Adoption Process Consumers go through five sta...
10.4 Factors Contributing to the Success or Failure of New Products
LEARNING OUTCOMES By the end of this section, you will be able to: 1 Identify and discuss factors that contribute to the success of a new product. 2 Identify and discuss factors that contribute to the failure of a new product. What Factors Contri...
10.3 The Use of Metrics in Evaluating New Products
LEARNING OUTCOMES By the end of this section, you will be able to: 1 Explain the importance of establishing new product metrics. 2 Describe metrics used to evaluate the success or failure of new products. The Importance of Establishing New Produc...
10.2 Stages of the New Product Development Process
LEARNING OUTCOMES By the end of this section, you will be able to: 1 Identify the stages of the new product development process. 2 Define and describe the important factors of each stage of development. The New Product Development Process The ne...
10.1 New Products from a Customer’s Perspective
LEARNING OUTCOMES By the end of this section, you will be able to: 1 Define a new product. 2 Explain “newness” from the perspective of the customer. 3 Explain the risks and rewards of developing new products. New Product Defined You’ve probably...
In the Spotlight
Figure 10.1 A new product’s success is dependent on the product development cycle and why consumers adopt new products. New product development involves a process of stages. (credit: “Chandelier” by Drew Coffman/flickr, CC BY 2.0) Chapter Outline ...
References
1. “Compare Bikes: Which One Is Right for You?,” Peloton, accessed February 1, 2022, https://www.onepeloton.com/bikes/compare; “Tread Specs: Take a Closer Look,” Peloton, accessed February 1, 2022, https://www.onepeloton.com/tread/specs. 2. Marc...
Closing Company Case
Ramblewood In 2018, husband and wife duo Zach and Riley McDonald began getting a flood of requests to help with events. Each of them individually had significant talents. They were great foodies, and they understood good food both in taste and in presentati...
In the Spotlight
Figure 11.1 Services are intangible, nonphysical products, such as childcare, and they make up the majority of the US GDP. (credit: “DSC_1551” by Josh Ward/flickr, CC BY 2.0) Chapter Outline 11.1 Classification of Services 11.2 The Service-Profi...