1.Explain the marketing definition of product. Product marketing deals with the several of the "7 P's" of marketing, which are product, pricing, place, promotion, physical environment, process and people. Product marketing, as opposed to product management, deals with more outbound marketing or customer-facing tasks (in the older sense of the phrase). For example, product management deals with the basics of product development within a firm, whereas product marketing deals with marketing the product to prospects, customers, and others. Product marketing, as a job function within a firm, also differs from other marketing jobs such as marketing communications ("marcom"), online marketing, advertising, marketing strategy, and public relations, although product marketers may use channels such as online for outbound marketing for their product. A product market is something that is referred to when pitching a new product to the general public. Product market definition focuses on a narrow statement: the product type, customer needs (functional needs), customer type, and geographic area. Not sure if I understood this one?

2.Would it ever make sense for a firm to offer a new product line that they know would cannibalize an existing line? Explain your answer. The new product line is more profitable than the old product line. They see the trend in the market place. Kodak is a fine example of doing it wrong. They failed to introduce digital cameras years ago when they were the only company that had the technology because they knew it would kill their film product line. We now they are on the verge of bankruptcy because other companies figured out how to make digital cameras and they killed the entire film industry.

3.Why are the key risks and the potential rewards of product placement in both movies and television? Do think this promotional tool will continue