Podcast
Questions and Answers
What is the first step in the process of bringing a new product to market?
What is the first step in the process of bringing a new product to market?
Why is it important to research existing products during the product development process?
Why is it important to research existing products during the product development process?
What should be considered in the product design development stage?
What should be considered in the product design development stage?
What role does CAD play in product development?
What role does CAD play in product development?
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What is one of the key concerns to address during the research and development of the final design?
What is one of the key concerns to address during the research and development of the final design?
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What is the purpose of CAM in the product development process?
What is the purpose of CAM in the product development process?
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Which aspect is NOT important to consider during product design development?
Which aspect is NOT important to consider during product design development?
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What is a fundamental question to ask in the research stage of product development?
What is a fundamental question to ask in the research stage of product development?
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What is the primary focus of the product concept?
What is the primary focus of the product concept?
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Which factor is NOT considered significant in the product concept?
Which factor is NOT considered significant in the product concept?
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Which companies are likely to apply the selling concept?
Which companies are likely to apply the selling concept?
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What is a major drawback of the selling concept?
What is a major drawback of the selling concept?
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Why may companies with a monopoly advantage prefer the product concept?
Why may companies with a monopoly advantage prefer the product concept?
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What does the marketing concept emphasize?
What does the marketing concept emphasize?
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What is an outcome companies might face by solely following the selling concept?
What is an outcome companies might face by solely following the selling concept?
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Which of the following is a characteristic of the marketing concept?
Which of the following is a characteristic of the marketing concept?
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What is the primary aim of prototype testing?
What is the primary aim of prototype testing?
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Which factor is most important when deciding on manufacturing materials?
Which factor is most important when deciding on manufacturing materials?
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What should you do after receiving feedback post-manufacturing?
What should you do after receiving feedback post-manufacturing?
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Why is it important to maintain quality during the assembly phase?
Why is it important to maintain quality during the assembly phase?
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When is the appropriate time to shift focus to marketing your product?
When is the appropriate time to shift focus to marketing your product?
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What role does a professionally designed e-commerce website play in selling products?
What role does a professionally designed e-commerce website play in selling products?
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What is a key consideration when making choices about further materials in assembly?
What is a key consideration when making choices about further materials in assembly?
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What should be done if unforeseen issues arise during product development?
What should be done if unforeseen issues arise during product development?
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What is one benefit of associating your brand with a larger corporation?
What is one benefit of associating your brand with a larger corporation?
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What is the first step when considering TV or radio advertisements in your marketing strategy?
What is the first step when considering TV or radio advertisements in your marketing strategy?
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Which factor should be considered to improve the effectiveness of advertising?
Which factor should be considered to improve the effectiveness of advertising?
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What type of advertisement allows you to pay only when a customer clicks on it?
What type of advertisement allows you to pay only when a customer clicks on it?
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What should be done to ensure high-quality ads in terms of brand image?
What should be done to ensure high-quality ads in terms of brand image?
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Why is market research important before launching advertising campaigns?
Why is market research important before launching advertising campaigns?
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Which of the following statements is true regarding advertising formats?
Which of the following statements is true regarding advertising formats?
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What is likely to happen once a product becomes more accessible to buyers?
What is likely to happen once a product becomes more accessible to buyers?
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What is the primary factor driving geographic shifts in population?
What is the primary factor driving geographic shifts in population?
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Which of the following is NOT a key economic criterion to consider before exporting to a country?
Which of the following is NOT a key economic criterion to consider before exporting to a country?
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Why is understanding socio-cultural forces crucial for businesses?
Why is understanding socio-cultural forces crucial for businesses?
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What is a significant risk associated with new technological advancements in marketing?
What is a significant risk associated with new technological advancements in marketing?
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Which of Hofstede’s cultural dimensions examines the distribution of power in a society?
Which of Hofstede’s cultural dimensions examines the distribution of power in a society?
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What do ecological forces in the macro environment primarily concern?
What do ecological forces in the macro environment primarily concern?
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By what year is global migration expected to double?
By what year is global migration expected to double?
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What does the economic force of 'GNI' stand for in the context of purchasing power?
What does the economic force of 'GNI' stand for in the context of purchasing power?
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Study Notes
Marketing Concepts
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Product Concept focuses on developing superior quality products, often at a premium price. This concept overlooks factors like usability, availability, and price, which can limit its appeal to price-conscious consumers. Companies in technology industries, especially those with a monopoly, might apply this concept.
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Selling Concept emphasizes selling existing products regardless of quality or customer need. The primary goal is profit, leading to potential deception and a lack of customer relationships. Short-term profit companies and dishonest or illegal companies may adopt this concept.
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Marketing Concept emphasizes meeting customer needs through product development and marketing. This concept prioritizes understanding and fulfilling customer needs to ensure long-term success.
Product Development Process
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Step 1: Product Concept involves defining the basic idea, intended use, and target market.
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Step 2: Research involves assessing demand for the product and analyzing existing competition.
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Step 3: Product Design Development involves considering factors like product function, strength, reliability, manufacturing costs, complexity, material requirements, and single/long-lasting use.
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Step 4: Research and Development refines the design, incorporating dimensions, materials, and essential details.
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Step 5: CAD (Computer-Aided Design) uses 3D rendering software to create a digital prototype for visualizing potential issues.
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Step 6: CAM (Computer-Aided Manufacturing) produces a physical prototype through computer-guided systems.
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Step 7: Prototype Testing involves thoroughly testing the prototype for any flaws or problems.
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Step 8: Manufacturing involves making the product based on the finalized design, considering materials, batch sizes, and manufacturer selection.
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Step 9: Assembly involves putting the product together, considering cost-effective materials without compromising quality.
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Step 10: Feedback and Testing involves gathering user feedback through focus groups, family and friends, and ongoing testing for further improvement.
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Step 11: Product Development involves addressing any unforeseen issues or making necessary improvements.
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Step 12: Final Product involves finalizing product development, focusing on marketing and distribution.
Selling a Product
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Selling on Your Own E-Commerce Website allows for full control over design, layout, and customer navigation.
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Selling on Amazon or eBay allows access to a vast customer base, but requires adhering to platform rules and fees.
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Selling at Trade Shows provides in-person interaction with potential customers and distributors.
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Partnering with a Larger Corporation allows product distribution through established networks and brand credibility.
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Advertising on TV and Radio targets specific segments of the population, requiring careful consideration of audience reach, budget, and advertisement quality.
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Using Pay-Per-Click Ads targets specific keywords and demographics for cost-effective advertisement and traffic generation.
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Using Social Media engages with potential customers and builds a community around the product.
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Email Marketing allows direct communication with potential customers, but requires permission and personalized content.
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Content Marketing provides valuable information through blog posts, articles, videos, and infographics to attract potential customers.
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Public Relations involves building positive relationships with media outlets and influencers to reach a wider audience.
Macro Environment Forces
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Geographic Shifts include migration, ethnic diversity, and urbanization, which influence product demand location and nature.
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Economic Forces affect consumer purchasing power and spending patterns, including GDP, inflation, unemployment, and disposable income.
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Socio-Cultural Forces shape societal values, preferences, and behavior, influenced by cultural norms and beliefs.
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Technological Forces introduce new technologies, opportunities, and challenges for businesses.
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Ecological Forces address natural resources and environmental impact of marketing activities.
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Description
Explore the essential concepts of marketing including the Product, Selling, and Marketing concepts. Understand the stages involved in the product development process to effectively align products with customer needs and market demands.