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MKT 201 - Lec 5 Product Decisions

MKT 201 - Lec 5 Product Decisions

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Published by Duval Pearson

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Categories:Types, Business/Law
Published by: Duval Pearson on Feb 19, 2012
Copyright:Attribution Non-commercial

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10/04/2013

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PRODUCT DECISIONSPRODUCT DECISIONS
 
Lecture # 5FEBRUARY 9, 2012Text Reference:Principles of MarketingKotler& Armstrong
 
y
At the end of this unit students should be able to:
y
Explain product classifications
y
Outline the range of individual product decisions
y
Identify the challenges of creating a new product developmentstrategy
y
Discuss how an idea moves from idea generation to concept testing
y
Outline how a potential product is developed
y
Explain the purposes of test marketing
y
Discuss product life-cycle strategies
Unit 5 --Product DecisionsLearning Objectives
 
y
 Anything that can be offered to a market for attention, acquisition, use,or consumption that might satisfy a need or want.
y
Kotler/Armstrong 14
th
Edition
y
 A product is an offering of a business entity as it is perceived by bothpresent and potential customers
y
Comprised of both tangible and intangible elements.
y
It is a
bundlebundle
of benefits designed to meet the needs and problems of identified target markets.
y
Wh
at is a Product

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