MKT 300 Chapter Notes - Chapter 11: Business Analysis, Cash Flow, Observability
Document Summary
Product mix: all the product lines and products a company offers. Product planning and types of innovation: product planning: the focus given to core businesses, market development, product development, and diversification. Market development: offering existing products to new market segments. Product development: offering new products to existing market segments. Line extension: a new product closely related to others in the line. Why innovations succeed: relative advantage, compatibility, complexity, trialability, observability. Idea generation: the gathering of suggestions for new products from a number of sources using a range of formal and informal methods. Controlled test market: consumer panels or other technique to gain similar information obtained from real test markets. Simulated product test: experimentation with the marketing strategy in artificial condition. Commercialization: final stage of the new product development process, when the product is introduced into the market. Product manager: a manager who oversees one or several products targeted at all market segments.
