MAR 3023 Study Guide - Quiz Guide: Planned Obsolescence, Marketing Mix
Document Summary
Diffusion is the process by which new products are likely to be adopted, the rate at which they will be adopted, and the process through which the products will spread into markets. Diffusion gives marketers a way to figure out who will likely buy their product over a period of time, plan an appropriate marketing mix, and forecast potential sales. A prototype is a mock-up of a good, often created individually with the materials a firm expects to use in the final product. A product line is a group of related products marketed by the same firm. Compatibility refers to how well a new product fits into potential customers" needs, values, product knowledge, and past behaviors. It affects the diffusion of a new product. Once the firm feels the product is ready for the market, it enters the final stage of the new-product development process.
