Marketing Innovation and Product Management

Questions and Answers

product, price, place, promotion

Implementation of a new marketing method involving significant changes in product design, placement, promotion, or pricing

False

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Study Notes

Marketing innovation is the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion, or pricing.
The goal of marketing innovation is to better address customer needs, open up new markets, or newly position a firm's product on the market, with the objective of increasing the firm's sales.

Product Design: significant changes in product design that are part of a new marketing concept, including changes in product form and appearance, packaging, and taste.
Product Placement: new marketing methods in product placement, including the introduction of new sales channels, such as franchising, direct selling, exclusive retailing, and product licensing.
Product Promotion: new marketing methods in product promotion, including the use of new concepts for promoting a firm's goods and services, such as product placement in movies or television programs, celebrity endorsements, and branding.
Pricing: innovations in pricing, including the use of new pricing strategies to market the firm's goods or services, such as varying the price of a good or service according to demand.

The marketing mix consists of four elements: product, price, place, and promotion.
The marketing mix is a key concept in marketing, as it helps marketers to develop and implement effective marketing strategies.

Advertising is any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor.
The major advertising decisions include determining the target audience, setting advertising objectives, selecting advertising media, and creating the advertising message.

The advertising budget is the money and other resources allocated to a product or a company's advertising program.
Setting the advertising budget is a challenging task, as it involves determining the right amount to spend on advertising to achieve the desired objectives.

The major steps in selecting advertising media include determining reach, frequency, and impact, choosing among major media types, selecting specific media vehicles, and choosing media timing.
Reach is a measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time.
Frequency is a measure of how many times the average person in the target market is exposed to the message.

Return on marketing investment (or marketing ROI) is the net return from a marketing investment divided by the costs of the marketing investment.
Marketing ROI can be difficult to measure, as it involves figuring out what specific measures to use and obtaining good data on these measures.

Marketing dashboards are meaningful sets of marketing performance measures in a single display used to set and adjust marketing strategies.
Marketing dashboards can help companies to measure their marketing performance and make informed decisions about their marketing investments.