Applied Mini Case Augmented Product Essay

824 words - 4 pages

Applied mini case Augmented product and review questions

Review questions
2. When is it more appropriate to use a product manager than a marketing manager? When a company offers multiple products to a target market that is similar for each of it is products it is appropriate to use a product manager rather than a marketing manager. This is for example common in the consumer goods sector where companies offer multiple products. In this manner a certain product can be marketed the best way possible in a target market of which the company as a whole should have a high degree of knowledge about their customers’ needs and demands. A marketing manager is responsible for managing a particular ...view middle of the document...

6. Develop a list of information sources for new product ideas for the car industry. 1. Organizations own personnel 2. National bureau of statistics 3. Consumers 4. Competitors 5. Advertising agencies 6. Management consultants 7. Research organizations 8. Customers 9. Spaceflight companies 10. Marine industry 11. IT companies

7. What are the advantages and disadvantages of test marketing? The advantages are that a company can see how well the product is selling in an area, and can make changes to the products marketing mix cheaper than when the product is rolled out nationwide. This also helps to prevent failure of the product having a negative effect on other brands of a company. Downside of test marketing is that a competitor will pick up on the introduction and will start to frustrate the outcomes of the test marketing by, for example lowering its prices. Furthermore the competitors might copy the new product and bring it to the market in other areas quickly.

10. Detail the key stages of the product life cycle. Introduction- Investment is high and market share is still low. In this phase profits are highly unlikely. A company should still be able to make changes to the marketing mix quickly when needed. Growth stage- At this stage profits are increasing and market share is gained rapidly. During this stage product offerings can be expanded to better satisfy the needs of...

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