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- What overriding objectives should be kept in mind when designing a product strategy?
- How do the strategies of market extension and market segmentation differ?
- Identify the steps a product manager should take in deciding how to position a product.
- In what kind of market situation will a strategy of product differentiation be most effective?
- What are the four product mix strategies discussed in the chapter? Name three reasons why a company might decide to alter its product mix.
- What factors would impact a marketing manager's decision to engage in a temporary or permanent price change for a mature product?
- How would you define the term "product"? Differentiate between the points of view of the manufacturer and the customer.
- Distinguish between convenience goods, shopping goods, and specialty goods. Can you think of examples that belong in each category, other than those discussed in the chapter?
- Compare and contrast the consumer's view and the firm's view of a new product.
- Describe the steps in the new product development process. Are all these steps necessary?
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