BUS 343 Chapter Notes - Chapter 7: Marketing Mix, New Product Development, Final Good

64 views14 pages

sapphireoyster859

25 May 2011

School

Simon Fraser University

Department

Business Administration

Course

BUS 343

Professor

Jason Ho

For unlimited access to Textbook Notes, a Class+ subscription is required.

Document Summary

Build a better mousetrap: new product failure a new product that does not reach expectations for success, failing to reach sales objectives, woodstream"s and coke"s failures underscore the importance of creating products that provide benefits people seek. Creating and nurturing products: firms that plan well succeed, strategies outlined in the product plan tell how the firm expects to develop a product that will meet marketing objectives. The product concept: goods tangible products we can see, touch, smell, hear, or taste, marketers think of the product as more than just a thing that comes in a package, they. Intangible products services, ideas, people, places view a product as a bundle of attributes including www. notesolution. com: packaging, brand name, benefits, and supporting features, in addition to a physical good. Limited line strategy: markets a smaller number of product variations, can improve image of the firm because it is perceived to be a specialist and has a clear specific position in the market.

Related Questions

The difference between a company's strategy and a company's business model is that

A)a company's strategy is the plan for achieving strategic objectives while its business model is the plan for achieving financial objectives.

B)the strategy concerns how to compete successfully and the business model concerns how to operate efficiently.

C)a company's strategy is management's game plan for realizing the strategic vision whereas a company's business model is the game plan for accomplishing the business purpose or mission.

D)strategy relates broadly to a company's competitive moves and business approaches (regardless of the financial outcomes it produces) while the term business model relates to whether the revenues and costs flowing from the strategy demonstrate that the business is viable from a profit perspective.

E)a company's strategy concerns how to please customers while its business model concerns how to please shareholders