Unit 9 is all about Product Concepts, which includes the product classification, branding, packaging, labeling, and how and where it will ideally be sold, if applicable.
Have you ever watched the show Shark Tank in which business owners pitch their companies or ideas for products to a series of wealthy venture capitalists, hoping for a financial investment? Product concepts are often exactly what these small business owners are pitching: the vision that an entrepreneur (or seasoned professional) has for a product or service. A product concept describes the product or service, explains its purpose and considers the consumer demographics that the product is marketed toward.
This unit will likely make you think more deeply about the product concept behind the items you use on a daily basis — and that’s great! Once you understand more about marketing, you’ll be able to make more informed decisions as a future marketer, and as a consumer.
This week, you’ll watch an episode of Shark Tank online for free. Pick the product pitch you like the best and explain the different components of that product or service’s overall concept in a 1-2 page paper. More details are included on this week’s Assignment page, including a link to the a free-to-watch episode of Shark Tank and additional assignment details.
By the end of this unit, you should be able to:
- Explain what a product is and the importance of products in the marketing mix
- Discuss the product life cycle and its implications for marketing
- Explain product portfolio management and how it relates to the organization’s marketing strategy and tactics
- Define the process for creating new products
- Identify the challenges associated with creating a successful new product
In order to successfully complete this unit, you’ll need to do the following:
1. Read this Open Educational Resource (free to access): Module 10: Product Marketing1
Please note: you do not need to complete the activities listed in this resource.
2. Watch this pre-recorded lecture about Product Marketing & Product Concepts:
1CC LICENSED CONTENT, ORIGINAL
Why It Matters: Product Marketing. Provided by: Lumen Learning. License: CC BY: Attribution