Foundations of Marketing 6th Edition by William Pride,Ferrell

Exercise 5

A company's marketing strategy may be revised to include new products as it considers its SWOT analysis and the impact of environmental factors on its product mix. When developing a marketing plan, the company must decide whether new products are to be added to the product mix or if existing ones should be modified. The information in this chapter will assist you in the creation of your marketing plan as you consider the following:
Using Figure 12.1 as a guide, discuss how your product idea would move through the stages of new-product development. Examine the idea, using the tests and analyses included in the new-product development process.

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.