In the Product Decisions tutorial, we showed that marketers are confronted with many issues when building the product component of their marketing strategy. While product decisions represent just one aspect of marketer’s overall activities, these decisions are often the most important because they lead directly to the reasons (i.e., benefits offered, solutions to problems) for why the customer decides to choose the organization’s goods, services or ideas.
In this part of our Principles of Marketing Tutorials we extend the coverage of product decisions by exploring additional product issues facing the marketer. In particular, we examine four important areas.
First, we categorize the roles played by those involved in product management and show how the scope of a manager’s responsibilities changes as these roles take on greater importance. Second, we return to a discussion of branding by focusing on overall branding strategies that may be adopted by the marketing organization. Third, we spend a large part of this tutorial covering the importance of new product development including an analysis of the steps firms may follow to bring new products to market. Finally, we will see that once new products have been established in the market numerous factors force the marketer to continually adjust their product decisions.
Latest Marketing Stories
- The New Reality of R&D (how companies are acquiring products) Fast Company
- No Laptops, No Wi-Fi: How One Cafe Fired Up Sales (decision opens up space for more to buy) NPR
- Whole Foods Takes Over America (how leading retailer works) CNN Money
- Wal-Mart Plans to Bring Its Compete-on-Price Approach to Organic Food. Here’s How (insight on pricing strategy) Washington Post
- How Target Secured a Pipeline of New Products From Top Brands (the benefit of building relationships with manufacturers) Advertising Age
- New Veet Ads Shame Women by Claiming Having Body Hair Makes Them Dudes (ad controversy) Time
- ZenithOptimedia Expects Ad Spending to Rise in Each of the Next 3 Years (research firm's prediction of ad spending) Adweek
Latest Blog Posts
- Some Companies Find Product Development is Better Left to Others
- If a Small Café Says Goodbye to Free WiFi Will It Say Hello to Increased Sales?
- When Social Media Fuels a Controversial Issue How Do Marketers Respond?
- Web Analytics May Be Dominated by Google but Other Software Finds a Place
- Amazon Knows How to Play the Late-to-Market Game