About This Chapter
MTTC Marketing: Product Management - Chapter Summary
These lessons will teach you about product development by introducing you to key concepts and practices in the world of marketing. Examine instances of marketing and how they affected the management of products. This chapter will prepare you to:
- Define a product and explain the differences between consumer products
- List steps in the product development process
- Explain how to develop and market new products
- Differentiate between services and goods
- Assess the impact of new products on different classes of adopters
- Understand how quality assurance concepts affect the sale of products
- Develop traditional and retail marketing mixes for different markets
- Discuss the life cycle of a product
- Distinguish non-profit marketing from for-profit marketing
In order to help make learning about product management simple and entertaining, our instructors have put together these short video lessons. Learn about marketing practices and then test your skills with our self-assessed tests.
Objectives of the Product Management Chapter
Prospective teachers in the state of Michigan must pass the Michigan Test for Teacher Certification (MTTC) if they wish to earn teacher certification. The Marketing Education subject test is divided into three sections, and the topics in this chapter can be found within the marketing function section. The marketing functions section makes up 40% of the 100 questions on the test. You may encounter questions on understanding product service planning within this section, which you can prepare for with the lessons in this chapter.
Each question on the Marketing Education test is multiple choice. The test will assess your understanding of product development and other marketing concepts that have been established as must-know for entry-level marketing teachers. You will have four-and-a-half hours to complete the paper-based test.
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 MTTC Marketing Education (036): Practice & Study Guide course
- MTTC Marketing: Marketing Principles
- MTTC Marketing: Researching, Collecting & Evaluating Data
- MTTC Marketing: Strategies & Segmentation
- MTTC Marketing: Pricing Strategies
- MTTC Marketing: Distribution Channels
- MTTC Marketing: The Selling Process
- MTTC Marketing: Customer Service
- MTTC Marketing: Role & Impact of Promotion
- MTTC Marketing: Merchandising
- MTTC Marketing: Economics Overview
- MTTC Marketing: The Marketing Plan
- MTTC Marketing: Financial Principles
- MTTC Marketing: Business Communication
- MTTC Marketing: International Business
- MTTC Marketing: Ethics & Social Responsibility
- MTTC Marketing: Human Resource Management
- MTTC Marketing: Human Relations & Leadership Skills
- MTTC Marketing: Information Management
- MTTC Marketing: Education Programs
- MTTC Marketing: Professional Development
- MTTC Marketing Education Flashcards