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Related Flashcards
Cards In This Set
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Product Life Cycle
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Describes the stages a new product goes through in the marketplace:1.introduction2. growth3. maturity4. decline
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Charting the Product Life Cycle (Introduction Stage)
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-Primary Demand-Selective Demand-Skimming Strategy-Penetration Pricing
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Charting the Product Life Cycle (Growth Stage)
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-Rapid Sales Growth-More Competitors-Repeat Purchasers-New Features-Broad Distribution
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Charting the Product Life Cycle (Maturity Stage)
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-Industry/Product Sales Slow-Profit Declines-Product Differentiation-Fewer Competitors
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Charting the Product Life Cycle (Decline Stage)
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-Industry/Product Sales drop-Environmental Changes-Deletion-Harvesting
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Charting the Product Life Cycle (Four Aspects)
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-Length of the Product Life Cycle-Shape of the Product Life Cycle-The Product Level: Class and Form-The Life Cycle and Consumers
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Shape of the Product Life Cycle
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-Generalized Life Cycle-High Learning Product -Fashion Product-Low Learning Product -Fad Product
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The Product Level: Class and Form
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-Product Class (consists of the entire product category and industry)-Product Form (consists of variations of a product within the product class)
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The Life Cycle and Consumers
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-Diffusion of Innovation -Innovators -Early Adopters -Early Majority -Late Majority -Laggards
-Barriers to Adoption -Usage -Value -Risk -Psychological |
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Product/Brand Manager Responsibilities
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-Product Life Cycle-New Product Development-Marketing Program Implementation-Data Analysis
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Modifying Product or Market
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1. Product Modification (Product Bundling or New Characteristics2. Market Modification (Finding new customers, Increasing a product's use, creating a new use situation)
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Repositioning the Product
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1. Reacting to a competitor's position2. Reaching a new market3. Catching a Rising Trend4. Changing the Value offered
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Branding
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Where an organization uses a name, phrase, design, symbols or combination of these to identify its product and distinguish them from those of competitors
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Brand name
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Any word, device (design, shape, sound or color) or combo of these to distinguish a seller's goods and services
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Trade name
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The commercial, legal name under which a company does business (ie the Coca Cola Company)
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