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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Week 3 Topic 5 New Product Assignment 1

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Q Week 3. Consumer Markets and Buying Behavior Chapter 5 Chapter Preview: In this chapter, we take a closer look at the most important element of the marketplace-customers. The aim of marketing is to engage customers and affect how they think and act. To affect the what's, when's, and how's of consumer buying behavior, marketers must first understand the whys. Takeaways: Define the consumer market. Understand the process of adoption and diffusion for new products. Apply the model of consumer behavior. Read in the Textbook: Chapter 5. Consumer Markets and Buyer Behavior. Assignment: One (1) page: What is a new product and how do consumers go about deciding whether to purchase the new product? Assignment: One (1) page: What is subculture? Describe two subcultures to which you belong. Assignments Due: Tuesday, 3/14 @ 11:59pm. No assignments will be accepted after due date.

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A new product is a good or service that has been recently introduced to the market. In the food industry, a new product could be a new flavor, a new type of food, a new packaging, or a new brand. Consumers have different ways of deciding whether to purchase a new product. Any new product entry in the market cannot be considered a new product. It should be classically innovative and should have a transfer of equity and line extension. Any product which is seasonal or for a temporary period is not considered a new product (Lord).