About This Chapter
Product Development and Retailing: Chapter Summary and Learning Objectives
Product development and retailing is an important component of the marketing strategy of all corporations and business-based organizations. In this chapter, our instructor defines and describes 'product' and the 'process of retailing' in terms of marketing, branding, product lines, packaging and consumers. You will learn about the different types of consumer products and new products, as well as the different classes of product adopters.
Our instructor will also explain how to create and maintain a marketing mix for different types of consumers, and how to reach specific target markets with different marketing strategies. In addition, a number of fundamental product development and retailing terms will be defined and explained throughout the chapter. At the end of the chapter, you should be able to:
- Identify the different types of consumer products
- Discuss how consumers adopt a new product
- Explain the importance of branding and packaging in business marketing
- Describe and understand product life cycles
|Product Development and Business Growth: Process and Strategies||Understand the different ways companies grow their business through product development.|
|Types of New Products: New Product Lines, Product Improvement & More||Explain the difference between a new to the world product, a new product line, an addition to an existing product line, product improvements, repositioned products and lower priced products.|
|What is Product Packaging in Marketing? - Definition, Types & Importance||Describe the functions of product packaging.|
|How a New Product is Adopted by Consumers||Explain how a new product is adopted by consumers.|
|Product Life Cycles: Development, Design and Beyond||Know and understand the different product life cycles.|
1. 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.
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. What Is Product Packaging in Marketing? - Definition, Types & Importance
Most products have some form of packaging, even if it's just a price tag. In this lesson, you'll learn about the function of packaging, including how packaging is used in marketing. A short quiz follows the lesson.
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. 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.
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Other chapters within the Business 100: Intro to Business course
- The Dynamic Business Environment
- Practicing Social Responsibility and Ethical Behavior in Business
- Economics and Business
- Business in Global Markets
- Forms of Business Ownership
- Entrepreneurship and Small Business
- Managing and Leading in Business
- Leadership Styles in Business
- Organizational Management
- Business Production and Operations
- Workplace Productivity & Motivation
- Basics of Human Resources
- Managing the Employer-Worker Relationship
- Business Marketing Basics
- Product Distribution & Supply Chain Management
- Pricing Strategy in Marketing
- Product Promotion in Business
- MIS Basics in Business
- Implications of Information Technology
- Risk Management in Business
- Accounting Basics
- Financial Management in Business
- Securities Markets and Business
- Money and Financial Institutions
- Studying for Business 100