Identify the methods available for changing a product mix.
Customer satisfaction and organizational objectives require marketers to develop, adjust, and maintain an effective product mix.
Marketers may improve a product mix by changing existing products, deleting products, and developing new products.
New products are developed through a series of seven steps.
The first step, idea generation, involves developing a pool of product ideas.
Screening, the second step, removes from consideration those product ideas that do not match organizational goals or resources.
Concept testing, the third step, is a phase in which a sample of potential buyers is exposed to a proposed product through a written or oral description in order to determine their initial reactions and buying intentions.
The fourth step, business analysis, generates information about potential sales, costs, and profits.
During the development step, the product idea is transformed into mock-ups and prototypes to determine if product production is technically feasible and can be produced at reasonable costs.
Test marketing is an actual launch of the product in selected cities chosen for their representative-ness of target markets.
Finally, during commercialization, plans for full-scale production and marketing are refined and implemented.
Most product failures result from inadequate product planning and development.
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