Chapter
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:
● Identify whether your product will be a modification of an existing one in your product mix or a completely new product.
● If the product is an extension of one in your current product mix, determine the type(s) of modifications that will be performed.
● 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.
● Discuss how the management of this product will fit into your current