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Product and Market Development

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**ANSWER TWO OF THE THREE DISCUSSION QUESTIONS, LISTED BELOW **:
1. Distinguish between targeted marketing and mass marketing and explain what led to the rise of each. Ch 5
2. Describe the different market-segmenting strategies companies pursue and why. Ch. 5
3. Think about some of your friends and what you have discovered by visiting their homes. Do they buy different things than you do? If so, why? How might a company distinguish you from them in terms of its targeting? Ch 5
THIS WEEKS LESSON TOPICS BELOW:
This week we will be looking at the risks and opportunities that the market presents to companies, and the strategies companies can use to mitigate these risk and take advantage of or create opportunities. In order to achieve this, we will discuss how product offerings are developed and what the product life cycle is. Last week we discussed market segmentation, target markets and positioning which ensure that companies provide relevant and valuable services and products to their customers. The heart of marketing lies in providing what your customers want and need. This week’s lesson builds on that understanding, by looking at how organizations can successfully align their products with their target markets, while maneuvering not only through the product lifecycle but also through the market lifecycle. At each stage of the life cycle, the company has to strategize how it will face the challenges and threats that the market and competitors pose, and it has to know how to detect and create opportunities.
Topics to be covered include:
• Market opportunities
• Developing new product offerings
• The product life cycle

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