MGCR 352 Study Guide - Final Guide: Marketing Mix, Business Analysis, Virtual Reality

• School: McGill University
• Department: Management Core
• Course: MGCR 352
• Professor: Hamid Etmad

Document Summary

Product : everything, both favorable and unfavorable, received in an exchange. The product is the heart of the marketing mix . Price, place, and promotion cannot be determined until a firm has product to sell. Product item : a specific version of a product. Product line : a group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations. Product mix: the total group of products offered by a company. Width of product mix : the number of product lines a company offers. Depth of product mix: the average number of different products in each product line. The new product process: new product strategy development. Structures, approaches, and guidelines to innovate are developed. Innovation focus is determined (e. g. , radical vs. incremental) Ideas can come from many different groups. First filter in the product development process. E. g. , technical feasibility, fit with new product strategy. Concept tests (prior to building a prototype: business analysis.