About This Chapter
GACE Marketing: Product Management - Chapter Summary
Use the short lessons in this chapter to strengthen your knowledge of product management as you prepare for the GACE Marketing Education assessment. Gaining insight from the videos can ensure you're ready to address the following on test day:
- Defining business and consumer products
- Analyzing product development and business growth
- Understanding how to develop and market new consumer products
- Explaining how quality assurance concepts benefit product and service offerings
- Identifying types of new products, classes of adopters and product life cycles
- Understanding how to create a marketing mix for individual cultures and countries
- Comparing retail marketing mix and traditional marketing mix
Reviewing theses lessons allows you to refresh your knowledge of product management concepts you haven't studied in a while and introduce yourself to some you may have never encountered before. You can watch the videos in sequence or visit lessons or specific topics in any order to tailor the chapter to your studying needs.
GACE Marketing: Product Management Chapter Objectives
The objective of the GACE Marketing: Product Management chapter is to prepare you for the assessment by ensuring you're ready to answer questions found in the product/service management subarea of Test II, which constitutes approximately 27% of the total test. The lessons can help you get closer to your goal of succeeding on the exam and securing marketing educator certification in Georgia. Additional resources that can make studying for the test simple include self-assessment quizzes designed to reinforce product management concepts and video timelines with clickable links that allow you to visit specific lesson topics. If you have any questions about the chapter, instructors are available to help.
All of the 80 questions in Test II are categorized as selected-response and based on specific objectives found in each subarea. As you take the exam, you will be asked to thoroughly read each question then review four answers, selecting one of the four as the best response.
1. What is a Business Product: Definition for Marketers
In this lesson, you'll find out the difference between a consumer product and a business product. You will also learn about the different business categories and seven types of business products.
2. Consumer Products: Convenience, Shopping, Specialty & Unsought Products
In this lesson, you will learn the difference between business and consumer products. We will also discuss the different ways they can be classified, which include the areas of convenience, shopping, specialty and unsought.
3. Product Development and Business Growth: Process & Strategies
Product development is an essential part of any company's growth strategy. It allows for growth in sales and market share. This development, though, is a finely tuned process that we will discuss in this lesson.
4. How to Develop and Market New Consumer Products
In this lesson, you will learn the six stages of the new product development process that companies use when they develop new consumer products. You'll also learn why it is important for companies that develop new consumer products to use this process.
5. How Quality Assurance Concepts Benefit Product & Service Offerings
Quality assurance concepts can benefit both product offerings and customers. In this lesson, you'll learn more about how these concepts can benefit your business.
6. Types of New Products: New Product Lines, Product Improvements & More
You will learn about the types of new product categories, such as new product lines or repositioned products, and the new product development process, from idea generation to commercialization.
7. How to Create a Marketing Mix for Individual Cultures & Countries
In this lesson, you will learn how companies modify their domestic marketing mix to suit the unique needs and norms of foreign cultures and countries. Companies may find it necessary to modify their current product, their current promotional message, or both.
8. How a New Product is Adopted by Consumers
In this lesson, you will learn the five stages consumers go through to determine whether or not to adopt a product that is new to the marketplace. You will also learn why it is important for companies introducing new products to understand the adoption process their customers use.
9. Classes of Adopters: Innovators, Early, Late and Laggards
In this lesson, you will learn how innovative products are adopted by consumers. You will learn the five classes of adopters and the role each plays in this process. You will also learn why it is important for marketers to understand this process in order to successfully introduce innovative products to the marketplace.
10. Product Life Cycles: Development, Design and Beyond
Have you ever considered that products, like humans, have a life cycle? You will learn about product life cycles and how they are designed and developed. See how a product goes from its introduction to being retired.
11. Retailing's Role in Marketing: Definition and Dimensions
When you start a retail store, there are many things to consider, from the type of service you'll offer to the scale of the business. In this lesson, you will learn about retailing's role in marketing and the different forms retail stores can take.
12. Retail Marketing Mix vs. Traditional Marketing Mix
In this lesson, find out how personnel and presentation round out the traditional four Ps of the marketing mix to create the retail marketing mix. Then, follow along as our farmer implements the six Ps into a new retail store.
13. Services Marketing: The Difference Between Services and Goods
In this lesson, you'll learn the difference between a service and a good. Discover how services are marketed to a consumer using different techniques.
14. How Non-Profit Marketing Differs from For-Profit Marketing
For-profit and non-profit companies both have to market their products. They use the same basic vehicles and methods, but they have different methods and focuses. This lesson will describe these two very different views of marketing.
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Other chapters within the GACE Marketing Education (546): Practice & Study Guide course
- GACE Marketing: Information Management
- GACE Marketing: Researching, Collecting & Evaluating Data
- GACE Marketing: Strategies & Segmentation
- GACE Marketing: The Marketing Plan
- GACE Marketing: Role & Impact of Promotion
- GACE Marketing: Economics Overview
- GACE Marketing: Distribution Channels
- GACE Marketing: Pricing Strategies
- GACE Marketing: Brand Positioning & Consumer Protection
- GACE Marketing: The Selling Process
- GACE Marketing: Professional Development
- GACE Marketing Education Flashcards