Explain the steps that take place during new product development, define the product life cycle, and describe how a product is distinguished from a total product offer.

Jessica Smith wants to open a yoga studio in her neighborhood. She also wants to sell yoga supplies. The closest studio is five miles away and in poor condition, so she thinks her location would be great. What else does Jessica need to do to develop her studio? What steps are involved in the product development process?

Describe product differentiation and the role it plays in product development, and explain the different classifications of consumer products and business-to-business products.

Evelyn Robinson and Juan Delgado each drink zero-calorie soft drinks made by Coca-Cola. Evelyn drinks Diet Coke, and Juan drinks Coke Zero. Each thinks his or her soda is the best. Are the products really different, or are they basically the same with different labeling and names?

Explain why branding is beneficial to both buyers and sellers and what some branding strategies are.

Robin Green loves homemade pasta. When her pasta-making machine needed a new part, she contacted the manufacturer and, surprisingly, was told that the company did not actually make the machine and would not service it. The company had licensed its name to a different manufacturer. Robin felt let down by the brand she thought was so good. When you go shopping, how important is the brand of a product?

Describe some pricing objectives, how they relate to the marketing mix, and the major approaches to pricing strategies.

When Gina Riviera wanted to increase the profits at the store she managed, she revisited the pricing strategies that the previous manager had relied on. How can Gina get customers to think differently about the unique items in her store so people will shop there instead of at a nearby chain store? What pricing approach should she take?