About This Chapter
Below is a sample breakdown of the Product Development and Retailing chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topics||Key Terms and Concepts Covered|
|Monday|| What is a Business Product? - Definition for Marketers; |
Consumer Products: Convenience, Shopping, Specialty and Unsought Products;
Product Development and Business Growth: Process and Strategies
| The contrasts between consumer and business products; |
The classifications of consumer and business products;
Techniques for increasing sales and entering new markets
|Tuesday|| Branding and Brand Equity in Business Marketing; |
How to Develop and Market New Consumer Products;
Types of New Products: New Product Lines, Product Improvements and More
| The process of developing a brand; |
The stages of new product development;
New product steps, categories and strategies
|Wednesday|| What is Product Packaging in Marketing? - Definition, Types and Importance; |
How to Create a Marketing Mix for Individual Cultures and Countries;
How a New Product is Adopted by Consumers
| The correlation between packaging, brand recognition and impulse buying; |
Examples of marketing mix changes;
New products and the five stages of consumer adoption
|Thursday|| Classes of Adopters: Innovators, Early, Late and Laggards; |
Product Life Cycles: Development, Design and Beyond;
Retailing's Role in Marketing: Definition and Dimensions;
Retail Segments, Target Markets and Marketing Strategies
| The five different kinds of consumers; |
The stages of the product life cycle;
A look at the various types of retail stores;
The characteristics of different kinds of retailers
|Friday||Retail Marketing Mix vs. Traditional Marketing Mix||The importance of product, promotion, place and price|
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. 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.
5. 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.
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. 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.
8. 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.
9. 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.
10. 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.
11. 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.
12. 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.
13. 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.
14. 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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