The “product life cycle” is the time between when a product first hits the market and when it’s taken off the shelves. It’s a concept used by management and marketing professionals to decide whether it’s time to improve marketing, lower prices, expand into new markets or switch packaging. The process of planning how to consistently support […]
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The phrase “product decision” in marketing describes the company’s intentional decisions—large or small—about its product. The 4Ps of marketing—Product, Pricing, Place, and Promotion—rank it first. These choices are made by organizations in an effort to achieve their goals and generate long-term profits. Product decisions must be made at several levels of marketing. These judgments generally
New product development (NPD) is the process of creating a new product through a set of design, engineering, and research activities. NPD is focused on creating an entirely new idea and seeing it through the entire product development process, as contrast to traditional product development. The capacity to provide items that fulfill customers’ requirements and
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Modern manufacturing systems integrate a wide range of cutting-edge methodologies, technologies, and procedures with the goal of enhancing production process flexibility, quality, and sustainability. These systems have seen tremendous development over time and are still evolving to meet the demands of the market and new technical developments. Aspects of contemporary production systems include the following:
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According to the product concept, buyers or consumers favor products with the highest levels of quality, performance, and features. In order to satisfy consumer demands and expectations, the best product must be offered, which is why the product concept is crucial. A product cannot succeed on its own; it requires other business variables, like marketing,
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Market positioning, as opposed to brand awareness, refers to the place that a brand occupies in the minds of customers and how it differs from competitors’ products. Companies may highlight their brand’s unique characteristics (what is it, what does it do, how does it do it, etc.) to market products or brands; or they may
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A target market is a segment of customers in a company’s serviceable market toward whom the company devotes marketing efforts and financial resources. A target market is a subset of the overall market for a product or service. The firm would often customize the marketing mix (4 Ps) with the needs and expectations of the
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The production system is the component of an organization that produces its products. It is the process of integrating and changing resources moving through a defined system under strict control to add value in accordance with management-communicated policies. The diagram above depicts a simplified production system. The following characteristics characterize the production system: Job Shop,
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Market segmentation is a marketing strategy that identifies specific groups of consumers in order to present specific products or product lines to them in a way that appeals to their interests. Market segmentation allows businesses to target different types of consumers who perceive the full value of different products and services differently. The term “market
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Consumer Buying Behavior Consumer Buying Behavior is the result of consumers’ attitudes, preferences, intentions, and decisions in a marketplace prior to purchasing a product. The study of consumer purchasing behavior is an interdisciplinary subject that draws heavily on sociology, psychology, anthropology, and other disciplines. Standard Buying ProcessThe purchasing process can be broken down into a
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