MGT 3300 Lecture Notes - Lecture 9: Marketing Mix, Brand Management, Total Quality Management
Document Summary
Chapter 9 product management and new-product development key notes. Product life cycle has four major stages (1) market introduction, (2) market growth, (3) market maturity, and (4) sales decline. Improve the product of develop a new one. Market introduction investing in the future. Market growth profits go up and down. Market maturity sales level off, profits continue down. Sales decline a time of replacement. Product life cycles don"t relate to individual products. The short happy life of fashions and fads. Be prepared to pivot to a new marketing mix. Types of new products from the customer"s point of view. Ftc says product is new only six months. Process tries to kill new ideas economically. The cost of poor quality is lost customers. Getting a handle on doing things right the first time. Train people and empower them to serve. Getting a return on quality is important.
