- Business Studies
- MKTC 430 – Product Development (3)
MKTC 430 – Product Development (3)
Successful organizations create product development plans that include design and marketing steps. This process includes improvement, product line extension and the latest technology trends. In order to successfully develop a product, you must have a formal process in place that involves specific steps.
Upon successful mastery of this competency, you will be able to:
- Develop an understanding to identify and describe the features and benefits of products and services to enhance quality (e.g., describing the different groups of adopters articulated by the diffusion of innovation theory).
- Develop an understanding of life cycle, product mix, and line depth.
- Develop an understanding of how marketing of services differs from the marketing of products.
- Discuss the four gaps in the Service Gap Model and the zone of tolerance.
- Develop the ability to communicate to stakeholders the value of a new product or service that supports new product development.
- Develop a plan for a new product launch.