Marketing Concepts and Development Process
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Marketing Concepts and Development Process

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Questions and Answers

What is the first step in the process of bringing a new product to market?

  • Product Concept (correct)
  • Product Design Development
  • Research
  • CAD

    • Why is it important to research existing products during the product development process?

  • To find similar products and copy them
  • To assess the weaknesses of your competitors
  • To determine if a market exists for your idea (correct)
  • To ensure your product solves a unique problem

    • What should be considered in the product design development stage?

  • The branding of the product
  • The target market only
  • The marketing strategy
  • The product's functionality and manufacturing costs (correct)

    • What role does CAD play in product development?

    <p>Producing a computer model of the final design</p> Signup and view all the answers

    What is one of the key concerns to address during the research and development of the final design?

    <p>Dimensions and materials required</p> Signup and view all the answers

    What is the purpose of CAM in the product development process?

    <p>To create a physical prototype of the product</p> Signup and view all the answers

    Which aspect is NOT important to consider during product design development?

    <p>The aesthetic trends in product design</p> Signup and view all the answers

    What is a fundamental question to ask in the research stage of product development?

    <p>Is there a gap in the market that needs to be filled?</p> Signup and view all the answers

    What is the primary focus of the product concept?

    <p>Developing better quality products</p> Signup and view all the answers

    Which factor is NOT considered significant in the product concept?

    <p>Marketing strategy</p> Signup and view all the answers

    Which companies are likely to apply the selling concept?

    <p>Businesses primarily seeking short-term profits</p> Signup and view all the answers

    What is a major drawback of the selling concept?

    <p>It leads to potential marketing myopia</p> Signup and view all the answers

    Why may companies with a monopoly advantage prefer the product concept?

    <p>To maintain a high level of product quality</p> Signup and view all the answers

    What does the marketing concept emphasize?

    <p>Creating products based on customer needs</p> Signup and view all the answers

    What is an outcome companies might face by solely following the selling concept?

    <p>Decreased customer retention</p> Signup and view all the answers

    Which of the following is a characteristic of the marketing concept?

    <p>Customer needs drive product development</p> Signup and view all the answers

    What is the primary aim of prototype testing?

    <p>To identify and resolve any problems or flaws</p> Signup and view all the answers

    Which factor is most important when deciding on manufacturing materials?

    <p>Cost efficiency balanced with quality</p> Signup and view all the answers

    What should you do after receiving feedback post-manufacturing?

    <p>Make further developments as needed</p> Signup and view all the answers

    Why is it important to maintain quality during the assembly phase?

    <p>To avoid negatively affecting eventual sales</p> Signup and view all the answers

    When is the appropriate time to shift focus to marketing your product?

    <p>Once the product achieves final polish after manufacturing</p> Signup and view all the answers

    What role does a professionally designed e-commerce website play in selling products?

    <p>It enables full control over customer experience and product sales</p> Signup and view all the answers

    What is a key consideration when making choices about further materials in assembly?

    <p>Evaluate the effectiveness and costs of materials</p> Signup and view all the answers

    What should be done if unforeseen issues arise during product development?

    <p>Reassess the product and make necessary improvements</p> Signup and view all the answers

    What is one benefit of associating your brand with a larger corporation?

    <p>Greater brand credibility</p> Signup and view all the answers

    What is the first step when considering TV or radio advertisements in your marketing strategy?

    <p>Identify the target audience's media consumption habits</p> Signup and view all the answers

    Which factor should be considered to improve the effectiveness of advertising?

    <p>Suitability to the target audience</p> Signup and view all the answers

    What type of advertisement allows you to pay only when a customer clicks on it?

    <p>Pay-per-click (PPC) ads</p> Signup and view all the answers

    What should be done to ensure high-quality ads in terms of brand image?

    <p>Hire a local marketing firm</p> Signup and view all the answers

    Why is market research important before launching advertising campaigns?

    <p>To identify effective advertising channels</p> Signup and view all the answers

    Which of the following statements is true regarding advertising formats?

    <p>Both TV and radio can still be relevant despite internet strategies</p> Signup and view all the answers

    What is likely to happen once a product becomes more accessible to buyers?

    <p>A small uptick in sales</p> Signup and view all the answers

    What is the primary factor driving geographic shifts in population?

    <p>Migration</p> Signup and view all the answers

    Which of the following is NOT a key economic criterion to consider before exporting to a country?

    <p>Cultural values</p> Signup and view all the answers

    Why is understanding socio-cultural forces crucial for businesses?

    <p>They shape society’s basic values and behaviors.</p> Signup and view all the answers

    What is a significant risk associated with new technological advancements in marketing?

    <p>They may replace older technologies.</p> Signup and view all the answers

    Which of Hofstede’s cultural dimensions examines the distribution of power in a society?

    <p>Power Distance</p> Signup and view all the answers

    What do ecological forces in the macro environment primarily concern?

    <p>Natural resources and their usage</p> Signup and view all the answers

    By what year is global migration expected to double?

    <p>2050</p> Signup and view all the answers

    What does the economic force of 'GNI' stand for in the context of purchasing power?

    <p>Gross National Income</p> Signup and view all the answers

    Study Notes

    Marketing Concepts

    • 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.

    • 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.

    • 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

    • Step 1: Product Concept involves defining the basic idea, intended use, and target market.

    • Step 2: Research involves assessing demand for the product and analyzing existing competition.

    • Step 3: Product Design Development involves considering factors like product function, strength, reliability, manufacturing costs, complexity, material requirements, and single/long-lasting use.

    • Step 4: Research and Development refines the design, incorporating dimensions, materials, and essential details.

    • Step 5: CAD (Computer-Aided Design) uses 3D rendering software to create a digital prototype for visualizing potential issues.

    • Step 6: CAM (Computer-Aided Manufacturing) produces a physical prototype through computer-guided systems.

    • Step 7: Prototype Testing involves thoroughly testing the prototype for any flaws or problems.

    • Step 8: Manufacturing involves making the product based on the finalized design, considering materials, batch sizes, and manufacturer selection.

    • Step 9: Assembly involves putting the product together, considering cost-effective materials without compromising quality.

    • Step 10: Feedback and Testing involves gathering user feedback through focus groups, family and friends, and ongoing testing for further improvement.

    • Step 11: Product Development involves addressing any unforeseen issues or making necessary improvements.

    • Step 12: Final Product involves finalizing product development, focusing on marketing and distribution.

    Selling a Product

    • Selling on Your Own E-Commerce Website allows for full control over design, layout, and customer navigation.

    • Selling on Amazon or eBay allows access to a vast customer base, but requires adhering to platform rules and fees.

    • Selling at Trade Shows provides in-person interaction with potential customers and distributors.

    • Partnering with a Larger Corporation allows product distribution through established networks and brand credibility.

    • Advertising on TV and Radio targets specific segments of the population, requiring careful consideration of audience reach, budget, and advertisement quality.

    • Using Pay-Per-Click Ads targets specific keywords and demographics for cost-effective advertisement and traffic generation.

    • Using Social Media engages with potential customers and builds a community around the product.

    • Email Marketing allows direct communication with potential customers, but requires permission and personalized content.

    • Content Marketing provides valuable information through blog posts, articles, videos, and infographics to attract potential customers.

    • Public Relations involves building positive relationships with media outlets and influencers to reach a wider audience.

    Macro Environment Forces

    • Geographic Shifts include migration, ethnic diversity, and urbanization, which influence product demand location and nature.

    • Economic Forces affect consumer purchasing power and spending patterns, including GDP, inflation, unemployment, and disposable income.

    • Socio-Cultural Forces shape societal values, preferences, and behavior, influenced by cultural norms and beliefs.

    • Technological Forces introduce new technologies, opportunities, and challenges for businesses.

    • Ecological Forces address natural resources and environmental impact of marketing activities.

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    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.

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