As the Text States, "Students of Marketing Often Overlook or Underestimate

question 16

Essay

As the text states, "Students of marketing often overlook or underestimate the importance of place in the marketing mix." Why? Create an example to describe how place is important to consumers.

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Definitions:

New Product Development

The complete process of bringing a new product or service to the market, from idea generation and concept testing to design, production, and marketing.

Consumer Insights

The understanding and interpretation of customer data, behaviors, and feedback to drive product development, marketing strategies, and other business decisions.

Commercialization

The process of bringing a new product or service to the market, involving production, pricing, distribution, and marketing strategies.