MARKETING
7th Edition
ISBN: 9781260087710
Author: Grewal
Publisher: RENT MCG
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Textbook Question
Chapter 9, Problem 7MA
Put yourself in the position of an entrepreneur who is developing a new product to introduce into the market. Briefly describe the product and each component of its value proposition.
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Put yourself in the position of an entrepreneur who is developing a newproduct to introduce into the market. Briefly describe the product andeach component of its value proposition.
Select a product you are familiar with. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product?
Would a consumer products manufacturer ever want to create more product extensions and variations than it could explain in terms of pure market appeal? Why or why not?
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- Description of the Product: What exactly is the product? What are the features and how do these benefit consumers? Target Market for the Product: Which group of consumers is the product targeted to? Brief Overview of the Marketing Mix for the Product. This should be a concise description of how you will address product features, distribution, promotion, and pricing for the product.arrow_forwardSelect a product you are familiar with. Do research about that product. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product?arrow_forwardWhen presenting your ideas to a potential buyer, what are some ways to stand out and have them choose your product.arrow_forward
- What are the advantages and disadvantages of attempting to reposition a product in the mind of customers ?arrow_forwardAs a marketing consultant, a prospective business man has approach you to advise him on his intention of venturing into the market with a new product. 1. Illustrate to him the potential stages of the market his product needs to survive to be successful on the market.arrow_forwardName a brand that you believe is highly “successful.” list and briefly describe the criteria you would use to determine a brand’s potential success in the marketplace.arrow_forward
- What are the stages in the life of a product? What is the significance of knowing these stages in terms of marketing effort?arrow_forwardYou are required to develop a brief marketing plan for a fruit beverage (fruty blast) that you will launch in Saint Vincent. Description of the Product: What exactly is the product? What are the features and how do these benefit consumers? Target Market for the Product: Which group of consumers is the product targeted to? Brief Overview of the Marketing Mix for the Product. This should be a concise description of how you will address product features, distribution, promotion, and pricing for the product. Conclusion: What value does this product offer to consumers that makes it unique or superior to other similar products on the market, and that is it likely to make it successful?arrow_forward1. Using your Creative Mind, conceptualize a new product or service. What is the purpose or use of your product or service? Does your product concept appeal to the senses and emotions? Does your product or service have aesthetic appeal? Will it elevate its intended consumers to a new level of self-actualization?arrow_forward
- Provide an original example of a product or service to which you are brand loyal, meaning no other brand can be substituted. How long have you been using this particular brand? Explain the reasons for your brand loyalty. Consider the four aspects of market segmentation, and describe how the company segments the market for this particular product or service.arrow_forwardSelect a product with which you are familiar (Please do not use any APPLE products). Based on your knowledge of the product lifecycle, what types of changes will occur to your selected product? How will this affect the marketing of your selected product?arrow_forward
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