Ch 55: WEST Business & Marketing Education: Managing a Product

About This Chapter

Study the life cycle of a new product - from development to retailing - as you review for the WEST Business & Marketing Education exam. Our entertaining video lessons cover topics in marketing new consumer products, creating a targeted marketing mix and retail segments.

WEST Business & Marketing Education: Managing a Product - Chapter Summary

Refresh your knowledge of new product development and how to market to consumers through the lessons in this Managing a Product chapter. The videos include experienced instructors who present topics such as the product life cycle and retailing's role in marketing. In addition, the videos cover:

  • New product development
  • New product types
  • Targeted marketing mixes
  • Product adoption
  • Adopters
  • Life cycle of a new product
  • Retailing
  • Target markets and retail segments
  • Retail and traditional marketing mix

Alongside the engaging videos, you'll have access to text transcripts that allow you to quickly review keywords and definitions. You can also use the multiple-choice quizzes to test your comprehension of the materials and familiarize yourself with the actual format of the questions found on the WEST Business & Marketing Education test.

WEST Business & Marketing Education: Managing a Product Objectives

This chapter is designed to prepare you for questions found within the entrepreneurship and marketing content area of the WEST Business & Marketing Education test. Specifically, you should use the material to prepare you for questions on the stages of the product life cycle, the role of marketing in product development and the product marketing mix.

The WEST Business & Marketing Education exam assesses the aptitude of prospective business or marketing teachers in Washington State. The computer-based exam includes 110 multiple-choice questions; 22% of which come from the entrepreneurship and marketing content area.

9 Lessons in Chapter 55: WEST Business & Marketing Education: Managing a Product
Test your knowledge with a 30-question chapter practice test
How to Develop and Market New Consumer Products

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.

Types of New Products: New Product Lines, Product Improvements & More

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.

How to Create a Marketing Mix for Individual Cultures & Countries

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.

How a New Product is Adopted by Consumers

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.

Classes of Adopters: Innovators, Early, Late and Laggards

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.

Product Life Cycles: Development, Design and Beyond

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.

Retailing's Role in Marketing: Definition and Dimensions

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.

Retail Segments, Target Markets and Marketing Strategies

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.

Retail Marketing Mix vs. Traditional Marketing Mix

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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Other Chapters

Other chapters within the WEST Business & Marketing Education (038): Practice & Study Guide course

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