About This Chapter
Managing a Product and Retailing
Have you ever wondered how a certain product came into being? Maybe you were in the grocery store cereal aisle, feeling completely overwhelmed by all of your options and wondering why there are so many different cereals on the market. Well, the development and marketing of new products is an interesting and complex topic, and these lessons will give you insight into this process.
First, these lessons discuss the basics of how to develop and market new consumer products. Then, you'll learn about the different categories of new products - you might be surprised by how many there are! Also, discover the differences between each category. Another lesson in this set covers what it takes to create different marketing strategies for different cultures and countries.
You'll also study how a new product is adopted or accepted by consumers. This is an area that's pretty important to pay attention to if you want your marketing strategy to work! Product life cycles are also discussed, from development to sale.
The last set of lessons in this group includes discussion of retailing and its role in marketing. In these lessons, retail segments, target markets, and marketing strategies are also discussed. Finally, you'll learn how retail marketing and traditional marketing differ. These lessons should help give you a clearer understanding of the way products are developed and sold.
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.
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Other chapters within the Business 102: Principles of Marketing course
- Marketing Philosophies and Ethics
- Competitive Advantage
- The Marketing Environment
- International Marketplace
- Consumer Decision Making
- Business Marketing and Marketing Research
- Segmentation and Product Marketing
- Services Marketing, Marketing Channels & Supply Chain Management
- Promotion, Advertising and Public Relations
- Selling and Pricing Strategy
- Studying for Business 102