Foundations of Marketing 6th Edition by William Pride,Ferrell

Exercise 25

Identifying the needs of consumer groups and developing products that satisfy those needs are essential when creating a marketing strategy. Successful product development begins with a clear understanding of fundamental product concepts. The product concept is the basis on which many of the marketing plan decisions are made. When relating the information in this chapter to the development of your marketing plan, consider the following:
Discuss how the profitability of your product will change as it moves through each of the phases of the product life cycle.
The information obtained from these questions should assist you in developing various aspects of your marketing plan found in the "Interactive Marketing Plan" exercise at www.cengagebrain.com.