Wku mkt 220 - Study guides, Class notes & Summaries

7 Step of New Product Development - 1) Idea Generation 2) Screening 3) Concept testing 4) Business Analysis 5) Product Development 6) Test Market 7) Commercialization Aesthetic Modification - Changes related to the sensory appeal of the product Brand - Name, symbol, design, or other feature, that identify's one sellers' products as distinct from other sellers Brand Equity - marketing and financial value associated with a brand's market strength Brand Insistence - Customers strongly...

5 Step Target Market Selction - 1) Identify Appropriate Strategy 2) Determine which Segmentation Variables in use 3) Develop Markets Segment Profiles 4) Evaluate Relevant Market Segmants 5) Select Specific Target Markets Business Cylce - Fluctuation in the normal flow if the economy Buying Power - amount of resources that can be traded in an exchange Ex: Income, Credit, Wealth Company Sales Potential - Max. % of market potential that on individual firm within an industry can expect to o...

Marketing - answer-The process of creating, distributing, promoting, & pricing goods & services, and ideas to facilitate satisfying exchange relationships with costumers, & to develop and maintain relationships with stakeholders, in a dynamic environment. Customers - answer-The people who buy goods and services Target Market - answer-A specific groups of customers on whom an organization focuses its marketing efforts Marketing Mix - answer-Product, Price, Promotion, Distribution Prod...