MARK301 Lecture Notes - Lecture 16: Product Placement

52 views2 pages

Document Summary

New products: why they fail: not enjoyable, previous products were better liked, not well targeted. Its important to use a procedure or process to try and minimize the risk of a product not being successful. It may take up to 3000 ideas to come up with a successful product. Idea generation: source new ideas from customers, suppliers, employees, research: 2. Idea screening: narrow down to those worth money and time. Develop system to estime product placement, cost etc: 3. Co(cid:374)cept testi(cid:374)g: deter(cid:373)i(cid:374)i(cid:374)g whether there"s e(cid:374)ough (cid:373)arket interest. Set research questions, define problem: 4. More expenisve products need more rigorous test markets, cheaper markets(ie soup) may not need test markets: 5. Reasons for product success: continually improved, good products: careful attention to consumer feedback. The life of a product: product life cycle refers to a product category not a brand. Sales and profits over the products life sycle.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents