MKTG Chapter 11

44 cards

Marketing Chapter 11 Study Guide


 
  
Created Oct 25, 2010
by
askinner

 

 
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1
Advantages of Being First on the Market
 
Increased sales through longer sales lifeIncreased marginsIncreased product loyaltyGreater...
2
New Product
 
a product new to the world, the market, the producer, the seller, or some combination of these
3
New-to-the-world Product
 
Create an entirely new market
4
New Product Lines
 
these products, which the firm has not previously offered, allow it to enter new or establish...
5
Additions to Existing Product Lines
 
includes new products that supplement a firm's established line
6
Improvements or Revisions of Existing Products
 
The "new and improved" product may be significantly or slightly changed
7
Repositioned Products
 
existing products targeted at new markets or market segments, or repositioned to change the...
8
Lower-priced Products
 
products that provide performance similar to competing brands at a lower price
9
New-Product Strategy
 
a plan that links the new-product development process with the objectives of the marketing...
10
Idea Generation
 
CustomersEmployeesDistributorsCompetitorsVendorsResearch and DevelopmentConsultants
11
Applied Research
 
takes these new technologies and tried to find useful applications for them
12
Basic Research
 
scientific research aimed at discovering new technologies
13
Product Development
 
a marketing strategy that entails the creation of marketable new products; the process of converting...
14
The two considered most useful for generating new-prodcut ideas are...
 
BrainstormingFocus Groups
15
Brainstorming
 
the process of getting a group to think of unlimited ways to vary a product or solve a problem
16
Focus-Group
 
stimulate insightful comments through group interaction
17
Screening
 
the first filter in the product development process, which eliminates ideas that are inconsistent...
18
Concept Test
 
evaluates a new-product idea, usually before any prototype has been created
19
Business Analysis
 
preliminary figures for demand, cost sales, and profitability are calculated
20
Development
 
the stage in the product development process in which a prototype is developed and a marketing...
21
Simultaneous Product Development
 
a team-oriented approach to new-product development
22
The Consumer PRoduct Safety Act of 1972
 
requires manufacturers to conduct a "reasonable testing program" to ensure that their products...
23
Test Marketing
 
limited introduction of a product and a marketing program to determine the reactions of potential...
24
Simulated (laboratory) Market Testing
 
the presentation of advertising and other promotion materials for several products, including...
25
Commercialization
 
The final stage in the new-product development process
the decision to market a product
26
Adopter
 
a consumer who was happy enough with his or her trial experience with a product to use it again
27
Innovation
 
a product perceived as new by a potential adopter
28
Diffusion
 
the process by which the adoption of an innovation spreads
29
Innovators
 
almost obsessed with trying new ideas and products
30
Early Adopters
 
they rely much more on group norms and values
31
Early Majority
 
weighs the pros and cons before adopting a new product
32
Late Majority
 
adopts a new product because most of their friends have already adopted it
33
Laggards
 
do not rely on group norms, but their independence is rooted in their ties to tradition
34
Complexity (Product Characteristic)
 
the degree of difficulty involved in understanding and using a new product
35
Compatibility (Product Characteristic)
 
the degree to which the new product is consistent with existing values and product knowledge,...
36
Relative Advantage (Product Characteristic)
 
the degree to which a product is perceived as superior to existing substitutes
37
Observability (Product Characteristic)
 
the degree to which the benefits or other results of using the product can be observed by others...
38
Trialability
 
the degree to which a product can be tried on a limited basis
39
Product Life Cycle
 
a biological metaphor that traces the stages of a products' acceptance, from its introduction...
40
Product Category
 
all brands that satisfy a particular type of need
41
Introductory Stage
 
the first stage of the product life cycle in which the full-scale launch of a new product into...
42
Growth Stage
 
the second stage of the product life cycle when sales typically grow at an increasing rate,...
43
Maturity Stage
 
the third stage of the product life cycle during which sales increase at a decreasing rate
44
Decline Stage
 
the fourth stage of the product life cycle, characterized by a long-run drop in sales


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