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Developing and Managing Products

. Objectives. . 1.Explain the importance of developing new products and describe the six categories of new products.Explain the steps in the new-product development process.3.Explain the diffusion process through which new products are adopted.4.Explain the concept of product life cycles.

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Developing and Managing Products

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    9. Test Markets Test marketing refers to the testing of a new product or any change in the marketing strategy in the field. Use a single market, group of markets or a region of the country Involve the use of experimental procedures

    10. Test Markets Test market usage and objectives Used to evaluate proposed national programs by: Estimating market share and volume Estimating cannibalization rate Collecting data about potential customers Analyzing reactions and behavior of competitors

    11. Test Markets Three types of test market approaches Standard test markets Simulated test markets

    12. Test Markets Not an over-tested market Sales of that type of product should be typical Avoid unusual demographics Consider regional differences

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