Page 334 - Introduction to Business

9

Developing the

Product and

Pricing Mixes

Introduction Learning Objectives
Guidelines for Developing After studying this chapter, you should be able to
the Marketing Mix
1 Explain how a marketing mix is
Developing the Product Mix developed.
Product Elements
2 Describe the basic elements of a
Developing New Products
product.
Managing Existing Products
3 Describe the differences between stan-
Developing the Pricing Mix dardization and adaptation strategies.
Pricing Objectives 4 Discuss the concept of brand equity
Pricing Concepts and why it is important.
Setting Prices for New Products
5 List the steps in the process for devel-
Changing Prices for Existing Products oping new products and how each
Pricing Decisions for Products Sold should be performed.
Internationally
6 Describe the product life cycle and
Retailers’ Pricing Decisions
how it can be used to manage existing
Careers in Brand Management products.
7 List the major objectives of a com-
pany’s pricing strategies.
8 Summarize the basic concepts and
tools needed to set prices.

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