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16 Cards in this Set
- Front
- Back
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Diffusion of Innovations |
the rate a new product spreads or is adopted across the marketplace |
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Types of adopters |
1. Innovators 2. Early adopters 3. Early majority 4. Late majority 5. Laggards |
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Product Life Cycle? |
Introduction, Growth, Maturity, Decline |
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Brand? |
- The names, terms, design, symbols or other features that identify a good/service. - provides a way to differentiate the product offering - triggers strong associations stored in consumers memories |
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Brand equity? |
- the value of a brand above and beyond it's measurable attributes - the positive differential effect that knowing the brand name has on customer response to the product or service |
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How do we measure brand equity? |
Most basic method: compare consumer evaluation of a product with or without the brand name. |
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Brand awareness? |
familiar with the brand and what it stands for; have an opinion or attitude about the brand. |
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perceived value? |
benefit to cost relationship compared to competition. |
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brand loyalty? |
repeat purchases |
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brand associations? |
mental links that consumers make between a brand and its key product attributes. |
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Product line management? |
How is it best to deliver value? 1. one product or many 2. one brand or many |
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Product line breadth |
how many different products a firm should offer. |
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cannibalization |
when sales of one product takes sales away from another product in the same product line. - likely to occur if consumers have high brand loyalty |
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brand loyal |
consumers have strong preference for a brand and so are more likely to continue to buy products within a brand. |
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attribute loyal |
consumers have a strong preference for a particular attribute and are more likely to switch brands in search of that attribute. |
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What is the difference between acquisition strategies and retention strategies? |
Acquisition Strategies: strategies that attract new customers. Rentention Strategies: strategies that retain current customers. |
