About This Chapter
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- Have fallen behind in understanding how to manage a product and sell it.
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How it works:
- Start at the beginning, or identify the topics that you need help with.
- Watch and learn from fun videos, reviewing as needed.
- Refer to the video transcripts to reinforce your learning.
- Test your understanding of each lesson with short quizzes.
- Submit questions to one of our instructors for personalized support if you need extra help.
- Verify you're ready by completing the Managing a Product and Retailing chapter exam.
Why it works:
- Study Efficiently: Skip what you know, review what you don't.
- Retain What You Learn: Engaging animations and real-life examples make topics easy to grasp.
- Be Ready on Test Day: Use the Managing a Product and Retailing chapter exam to be prepared.
- Get Extra Support: Ask our subject-matter experts any relevant question. They're here to help!
- Study With Flexibility: Watch videos on any web-ready device.
Students will review:
In this chapter, you'll learn the answers to questions including:
- What's involved in developing and managing new products?
- What are the different types of new product categories?
- How do companies tailor their marketing mix for foreign markets?
- What draws certain types of consumers to new products?
- What are the different stages of a product life cycle?
- How can I distinguish among the four retail segments?
- What's the role of retail in marketing?
1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. Retail Segments, Target Markets and Marketing Strategies
In this lesson, you will learn how to identify four different retail segments and gain an understanding of how producers of goods and services use different types of retailers to reach the different target markets that buy their products.
9. 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.
10. Specialty Product: Definition & Overview
Most people buy at least some specialty products. In this lesson, you'll learn about specialty products and related concepts. You can also look at examples of specialty products for a clearer understanding.
11. Specialty Stores: Examples & Overview
Despite the Internet and prevalence of 'big box' stores, some retailers continue to be successful by focusing on specific products. In this lesson, we'll get an overview of specialty stores and identify some examples of them.
12. Stealth Advertising: Definition & Examples
Not all advertising is clearly on a consumer's radar screen. Just like covert military operations, some companies engage in stealth advertising campaigns. In this lesson, you'll learn about stealth advertising. You'll also have a chance to take a short quiz.
13. Substitute Goods: Definition & Examples
Sometimes if a price for a particular product is high, you may decide to purchase something cheaper that will work. In this lesson, you'll learn about substitute goods and related concepts and be provided some examples.
14. Sustainable Competitive Advantage: Definition, Concept & Examples
This lesson explores the concept of sustainable competitive advantage, or what makes a company uniquely more successful than its industry competitors. How do companies achieve a competitive advantage? And once a competitive advantage is achieved, how can it be maintained?
15. Target Consumer: Definition & Explanation
Have you noticed recurring commercials during your favorite Thursday night television program? You're probably a targeted consumer for those products, and marketing professionals use this outlet as a resource to communicate to you effectively.
16. What is a Marketing Information System? - Definition, Benefits & Example
Marketing information systems are important tools that help marketing managers and business owners make decisions about product development and promotional activities. In this lesson, you'll learn why they are important and look at some real-life ways companies use them.
17. What is Continuous Quality Improvement? - Definition, Process & Methodologies
Continuous quality improvement (CQI) is a management philosophy used by organizations to better their processes. In this lesson, you will learn how continuous quality improvement is part of a group's culture, how it benefits an organization, and about one of the most popular methods of implementing CQI.
18. What Is Contract Manufacturing? - Definition & Explanation
Contract manufacturing is a popular type of outsourcing used by many U.S. companies. In this lesson, you'll learn what contract manufacturing is and some of its key concepts.
19. What is Direct Marketing? - Definition, Concepts & Examples
Direct marketing is a very effective and powerful way to share information about a product or service. This lesson will discuss what direct marketing is and what concepts are important in direct marketing and also give examples.
20. Place in the Marketing Mix: Definition & Concept
In this lesson, we'll define the marketing mix and then focus specifically on one element of the marketing mix - place. This element is used to ensure products are available at the right location at the right time.
21. Product Lines: Definition & Explanation
It's quite common for companies to have several product lines. In this lesson, you'll learn about product lines and some related concepts. A short quiz will follow.
22. Promotion in the Marketing Mix
In this lesson, we'll learn the role promotion plays in the marketing mix and explore how companies utilize the five elements of promotion to most effectively communicate a consistent message to their target market.
23. What is Crowdsourcing? - Definition & Examples
This lesson explores why crowdsourcing is a valuable tool for business and how it can be applied to marketing related tasks. Companies usually have an interest in crowdsourcing because it is free and allows their talent pool to grow.
24. Strategies for Effective Consumer Relations
In this lesson, we discuss strategies for effective consumer relations. We cover strategies to implement including customer rewards, enhancing the customer service experience, communicating frequently, and investing in and developing your employees.
25. Cross-Selling in Retail: Techniques & Examples
In this lesson we will review examples of how cross-selling techniques can be used by retail employees to boost store revenue and profitability as well as increase customer satisfaction.
26. Global Product Development Strategies
In this lesson we'll define globalization. You'll learn about these important considerations to bring a global product to market: product development, design, packaging, labeling, warranty and service policies.
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Other chapters within the Principles of Marketing: Help and Review course
- Marketing Philosophies and Ethics: Help and Review
- Competitive Advantage: Help and Review
- The Marketing Environment: Help and Review
- International Marketplace: Help and Review
- Consumer Decision Making: Help and Review
- Business Marketing and Marketing Research: Help and Review
- Segmentation and Product Marketing: Help and Review
- Overview of Global Logistics & Distribution
- Services Marketing: Tutoring Solution
- Promotion, Advertising and Public Relations: Help and Review
- Selling and Pricing Strategy: Help and Review
- Marketing & Promotion
- Small Business Marketing Strategies