About This Chapter
Praxis Marketing Education - Product Management: Chapter Summary
This chapter on product management can teach you about developing and marketing new consumer products, which is valuable information to know if you're preparing for the Praxis Marketing Education test. Aspiring high school marketing teachers also can learn about the role retailing plays in marketing and differences between for-profit and nonprofit marketing through this series of brief video lessons. Other product management topics covered in this chapter include the following:
- Quality assurance
- New product lines and product improvements
- How new products are adopted by consumers
- Innovators, early and late adopters, and laggards
- Product life cycles
- Retail segments, target markets and marketing strategies
- Retail vs. traditional marketing mix
- Services vs. goods
- Positioning and differentiation in consumer marketing
- Branding and brand equity in business marketing
Praxis Marketing Education - Product Management Objectives
The Praxis Marketing Education is a test used by the majority of states as part of their teacher certification process for high school marketing teachers. Around 12% of the test's 120 multiple-choice questions cover product/service management. The Praxis Marketing Education test is offered only four times a year, and you have just two hours to complete this exam.
This chapter on product management is taught by a team of experienced professional educators. You can watch the videos featured in each lesson to refresh what you learned about product management during your postsecondary education. Each video is accompanied by a quiz, with questions like those on the Praxis Marketing Education test.
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. 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.
11. 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.
12. Positioning and Differentiation in Consumer Marketing
Consumers' perceptions of products and brands are influenced by the marketing and promotional plan. Marketers must identify the key characteristics that are important to the target market and then ensure that their product stands out in the minds of the consumers as the best choice for purchase.
13. Branding and Brand Equity in Business Marketing
Brand and brand equity go hand-in-hand in the marketing arena. Here, we will discuss how a brand develops and how that leads to increased brand equity.
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Other chapters within the Praxis Marketing Education (5561): Practice & Study Guide course
- Praxis Marketing: Professional Development
- Praxis Marketing: Economics
- Praxis Marketing: Finance
- Praxis Marketing: Types of Business Ownership
- Praxis Marketing: Business Law
- Praxis Marketing: Workers' Rights & Collective Bargaining
- Praxis Marketing: Business Communication
- Praxis Marketing: Management
- Praxis Marketing: Information Management
- Praxis Marketing: Research and Segmentation
- Praxis Marketing: Strategic Planning
- Praxis Marketing: Marketing Channels
- Praxis Marketing: Pricing
- Praxis Marketing: Promotion
- Praxis Marketing: Selling
- Praxis Marketing Education Flashcards