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Abstract

Chapter 5. Marketing can greatly facilitate an understanding of markets and its players to create value for both customers and the company. Marketing management is not an easy task. It is neither easy for the practicing manager nor is it easy to convey for academics involved in teaching marketing management. The challenges and issues that students of marketing and marketing managers face are often misjudged as simplistic, and proposed solutions do not fully account for the complex nature of the problems that marketing is able to solve. This book sets out to be a companion for all those who appreciate the important and crucial role that marketing can play in creating value for companies and companies. This book uses a four-pronged approach which offers: (1) a comprehensive orientation; (2) a comprehensive theoretic foundation; (3) an international scope; and (4) a practical orientation. The book includes international market research studies examples, case study material and describes companies from various markets and geographical settings including Europe, North America and Asia. The learning objectives of this chapter are to become familiar with: (1) the different defnitions of ''product'', basic product typologies and the main decision-making areas in the product mix; (2) the individual phases of the innovation process, from idea generation and product development to market introduction; (3) the fundamental tools that can be used in the individual phases of the innovation process or across all phases, and be able to assess their potential contribution to optimizing the innovation process; (4) the key decision-making areas and courses of action within the scope of managing established products; (5) the primary options with respect to brand strategy and branding; and (6) the most important methods for evaluating brand success.

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Abstract

Chapter 5. Marketing can greatly facilitate an understanding of markets and its players to create value for both customers and the company. Marketing management is not an easy task. It is neither easy for the practicing manager nor is it easy to convey for academics involved in teaching marketing management. The challenges and issues that students of marketing and marketing managers face are often misjudged as simplistic, and proposed solutions do not fully account for the complex nature of the problems that marketing is able to solve. This book sets out to be a companion for all those who appreciate the important and crucial role that marketing can play in creating value for companies and companies. This book uses a four-pronged approach which offers: (1) a comprehensive orientation; (2) a comprehensive theoretic foundation; (3) an international scope; and (4) a practical orientation. The book includes international market research studies examples, case study material and describes companies from various markets and geographical settings including Europe, North America and Asia. The learning objectives of this chapter are to become familiar with: (1) the different defnitions of ''product'', basic product typologies and the main decision-making areas in the product mix; (2) the individual phases of the innovation process, from idea generation and product development to market introduction; (3) the fundamental tools that can be used in the individual phases of the innovation process or across all phases, and be able to assess their potential contribution to optimizing the innovation process; (4) the key decision-making areas and courses of action within the scope of managing established products; (5) the primary options with respect to brand strategy and branding; and (6) the most important methods for evaluating brand success.

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