Description:
<jats:p>Products have a distinct life cycle, beginning with conception of new technology and ending with the decline and eventual discontinuation of a product as new products replace it. Throughout the entire life cycle of a product, online databases can provide important information to support the activities during each stage. While a technology which may result in a new product is being developed, a multitude of scientific and technical data‐bases are invaluable for research and development activities. When the technology is applied to a new product, engineers can access patents, technical and chemical research, and industry news online to assist in product and manufacturing process development; concurrently, marketing personnel can investigate the marketability of the new product using a variety of business, industry and trade information available online. Once the product has been determined to be marketable, business and product/industry databases can provide essential information related to distribution channels, pricing, promotional schemes, advertising campaigns and test marketing. As a product grows and matures, a marketer can use directory, general business, product/industry, and advertising industry databases to increase or retain market share for his product and to monitor the competition.</jats:p>