Management and Organizational Studies 2320A/B Study Guide - Longrun, Business Analysis, Marketing Mix

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: All

Document Summary

New-product development strategy: firm can obtain new products in 2 ways, acquisition- by buying a whole company, patent or license to produce someone else"s product. Market strategy development: designing an initial marketing strategy for introducing product to market, marketing strategy statement- consists of 3 parts. 1st part describes target market, planned value proposition, sales, market share, and profit goals for first few years. 2nd part outlines the products planned price, distribution, and marketing budget for the first year. 3rd part describes the planned long-run sales, profit goals and marketing mix strategy. Business analysis: review of the sales, costs and profit projections for a new product to fid out whether they satisfy the company"s objectives, asses the range of risk, estimate the expected costs and profits. Product development: developing the concept into a physical product. It will show whether the product idea can b e turned into a workable product.