Explain a Marketing concept for MKGT 3000 Essay Example | Topics and Well Written Essays - 500 words

Explain a Marketing concept for MKGT 3000 - Essay Example After a promising idea is identified, concept development is performed by analyzing possible product ideas that could be developed and further refined. Afterward concept testing is performed where the product concept is presented to a panel of your target customer base and their reactions and comments are gauged. After a particular product idea or concept is chosen based on customer acceptance a market strategy analysis is devised in order to devise a cost effective marketing strategy that is tailored to the targeted market segment. A business analysis is then performed in order to determine if the product meets the firm's financial goals. From then product development, market testing, and finally commercialization or product launch finishes the process. The whole product development process is one that is full of risks and uncertainty. Costs overrun, changes in technology, and consumer behavior or preferences can have disastrous results in the success of a new product launch.