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Short Answers to Marketing Questions - Essay Example
Author : kaiamorissette
Pages 4 (1004 words)
1. Marketing management process involves a number of activities. Marketing Research is one of the key activities performed to identify target markets or find latent needs of the customers. New product development involves various steps from idea generation to commercialization of a new product…
Pricing involves deciding the right price on the basis of competition and desired margins. Besides, planning marketing strategy is an overriding function of marketing management where planning for various marketing activities is done in accordance with organizational goals. 2. Developing a new product generally involves seven steps. The first step is the idea generation where the idea may be regarding a new innovation or customization of an existing product to new market, target segment or geography. The second step is screening where useful ideas are shortlisted from a large number of ideas. In the third step, the testing of the idea or concept is performed. Fourth step involves financial and technical analysis of the prospective product. The fifth step is the actual development or design of the new product. In the next step, test marketing is done on a focus group or selected markets. The last step is the commercialization of the product which is also called Go to Market. 3. The product life cycle shows the path of a product in an industry through 4 stages. Consider the example of an electronic product such as a mobile phone. A new mobile phone is introduced into the market in its first stage with a lot of marketing hype to make it attractive to customers. ...