Ch 49: MTEL Business: Product Development, Market Research & Segmentation

About This Chapter

The engaging lessons in this chapter can help you strengthen your knowledge of product development, market research and segmentation. Explore these subject areas to improve your chances of success on the MTEL Business assessment.

MTEL Business: Product Development, Market Research & Segmentation - Chapter Summary

This chapter offers resources you can use to prepare for product development, market research and segmentation questions on the MTEL Business assessment. After reviewing the lessons, you may be ready to:

  • Discuss product life cycles
  • Share the processes and strategies of product development and business growth
  • Define, explain the purpose of and share strategies for market research
  • Describe how to develop a market research project
  • Explain why market segmentation is important to marketers
  • Provide details about geographic, demographic and psychographic market segmentation
  • Detail how to segment business markets

The flexibility of this chapter allows you to explore the lessons in a manner that works best for you. Watch them in any order and as often as needed. Also, take advantage of timelines that allow you to identify and skip to key topics within the lessons.

7 Lessons in Chapter 49: MTEL Business: Product Development, Market Research & Segmentation
Test your knowledge with a 30-question chapter practice test
Product Life Cycles: Development, Design and Beyond

1. Product Life Cycles: Development, Design and Beyond

Like humans, products have life cycles, from their introductory stage to their decline stage. Learn about product life cycles and how they move from the development and design process leading to the introductory stage, or their birth, to the growth, maturity, and then decline stage.

Product Development and Business Growth: Process & Strategies

2. Product Development and Business Growth: Process & Strategies

Product development is an essential part of the growth strategies of businesses. Explore the process of product development and discover how it can help increase the market share and improve profitability for a business.

Marketing Research: Definition, Purpose and Role in Marketing Strategy

3. Marketing Research: Definition, Purpose and Role in Marketing Strategy

Businesses conduct marketing research to better know the wants and desires of consumers of their products. Learn about the purpose and role of the marketing research strategy in an overall marketing plan and explore the different parts of the process.

How to Establish a Marketing Research Project

4. How to Establish a Marketing Research Project

Marketing research projects are necessary to understand current market trends and create relevant products or services to meet consumer demand. Learn about marketing research projects and how companies use marketing research to create better products and services while staying consistent with current market trends.

Market Segmentation: Why Market Segments Are Important to Marketers

5. Market Segmentation: Why Market Segments Are Important to Marketers

Market segmentation is an important part of any company's marketing plan to successfully reach their ideal customer. Learn why market segments are important to marketers and how to develop a good market segmentation plan.

Market Segmentation: Geographic, Demographic, Psychographic & More

6. Market Segmentation: Geographic, Demographic, Psychographic & More

Market segmentation is important for marketers to promote and sell their products or services to the right audience. Explore the five specific ways that markets can be segmented in order to create successful sales opportunities, including behavioral, psychographic, demographic, and geographic segmentation methods.

How to Segment Business Markets Step-by-Step

7. How to Segment Business Markets Step-by-Step

There are four main types of business markets: producers, resellers, government, and institutions. Learn how to segment business markets step-by-step by identifying company characteristics and buying processes, and how these segments help businesses develop marketing strategies.

Chapter Practice Exam
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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