About This Chapter
MEGA Marketing: Product Development & Retailing - Chapter Summary
The lessons in this chapter provide you with the opportunity to reinforce current knowledge of or learn new facts about marketing approaches for new products and the role of retailing in marketing. With a firm grasp of these concepts, you should be able to demonstrate the following and correctly answer these types of questions on the MEGA Marketing exam:
- Detailing the new product development process
- Identifying new product categories
- Applying domestic marketing strategies in foreign countries
- Explaining the consumer adoption process relating to new products
- Understanding the role of different classes of adopters
- Summarizing a product life cycle
- Defining retailing and its role in marketing
- Discussing the use of different retailers in different target markets
- Providing details about the retail marketing mix
Lessons are easy to follow and contain examples using fictitious scenarios that make learning the material simple and fun. Gauge your understanding of these topics by taking self-assessment quizzes accompanying each lesson. These quizzes employ the same multiple-choice format found on the MEGA Marketing exam.
MEGA Marketing: Product Development & Retailing - Chapter Objectives
The MEGA Marketing exam is used to assess your comprehension of core marketing and business principles and practices. The Product Development & Retailing chapter helps to develop a deeper understanding of processes relating to new product development, consumerism, target markets and retailing. The second domain of the MEGA Marketing exam covering marketing functions contains questions about these topics. This domain represents 36% of the total computer-based, 100-question exam.
Missouri uses MEGA exams to test pre-K-12 educators on their knowledge of and ability to teach in specific content areas as they seek certification in the field. The Marketing exam measures the proficiency of secondary school educators to teach this subject. A score of 220 must be achieved to pass this exam.
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 MEGA Marketing: Practice & Study Guide course
- MEGA Marketing: Basic Concepts
- MEGA Marketing: Communication Methods & Functions
- MEGA Marketing: Environments & Strategies
- MEGA Marketing: Ethics & Public Relations
- MEGA Marketing: The Business Cycle
- MEGA Marketing: Market System Economics & Politics
- MEGA Marketing: Economic Growth & Indicators
- MEGA Marketing: Business Ownership
- MEGA Marketing: Business Plans
- MEGA Marketing: Functions of Management
- MEGA Marketing: Principles of Financial Management
- MEGA Marketing: Business Calculation Basics
- MEGA Marketing: Interpreting Data & Graphs
- MEGA Marketing: Graphing & Evaluating Equations & Functions
- MEGA Marketing: Quadratic Equations & Functions
- MEGA Marketing: Probability & Statistics for Business
- MEGA Marketing: Depreciation & Salvage Values
- MEGA Marketing: Interest & Purchases
- MEGA Marketing: Financial Analysis Calculations
- MEGA Marketing: Services Marketing
- MEGA Marketing: The Marketing Mix & Promotional Strategies
- MEGA Marketing: Consumer Protection Laws
- MEGA Marketing: Selling & Pricing Strategy
- MEGA Marketing: Channel Management
- MEGA Marketing: Segmentation & Product Marketing
- MEGA Marketing: Competitive Advantage
- MEGA Marketing: Consumer Decision Making
- MEGA Marketing: International Marketplace
- MEGA Marketing: Research & Data Applications
- MEGA Marketing: Computer Literacy
- MEGA Marketing: Careers in Marketing
- MEGA Marketing Flashcards