PRODUCT CONCEPT Identify the physical attributes, customer benefits, and competitive advantages of the product (or service) to be offered by the organization. Analyze geographic, economic, cultural, and legal factors that would influence offering a standardized or an adapted product for this market. (A product concept should list as many characteristics as possible to better communicate attributes and benefits within the organization as well as to potential customers.) 2. PRODUCT LIFE CYCLE Discuss economic, cultural, political, or technological factors that might affect the speed of movement of the product (or service) through the stages of the product life cycle (introduction, growth, maturity, decline). (For example, the presence of several competitors may result in faster innovation and move a product quickly through the product life cycle.) 3. BRANDING AND PACKAGING Suggest a brand name that would create a distinctive identity for the company (or specific product). Analyze cultural and legal factors that could influence packaging of the product. 4. TARGET MARKET Describe the characteristics of potential customers in terms of geographic location, demographics, media habits, consumer behavior patterns, lifestyle activities, and psychographics.
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