Identifying the needs of consumer groups and developing products that satisfy those needs are essential when creating a marketing strategy. Successful product development begins with a clear understanding of fundamental product concepts. The product concept is the basis on which many of the marketing decisions are made.

Consider the product or service your current company offers. If you are not working, consider the product or service of a previous employer. Then, using Figure 11.1 as a guide, create a matrix of the current product mix for your company. Below it:

• Discuss how the profitability of your product will change as it moves through each of the phases of the product life cycle (200-250 words)

• Create a brief profile of the type of consumer who is likely to represent each of the product or service adopter categories for your product. (200-250 words)