Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
13 Cards in this Set
- Front
- Back
4 stages of the product life cycle
|
introduction stage
growth stage maturity stage decline stage |
|
what is deletion?
what is harvesting? |
D- dropping a declining product from the company's product line
H- when company retains a declining product but reduces marketing costs |
|
4 different alternative product life cycles and curves on graphs
|
1- high learning product -> extended introductory period
2- low learning product -> high sloping, quick broad introductory period 3- fashion prod -> introduced, declines and then returns 4- fad products -> rapid sales then equally rapid declne |
|
define product class, product form
|
PC- entire product category
PF- variations w/in PC |
|
5 categories of product adopters
|
1- innovaters
2- early adopters 3- early majority 4- late majority 5- laggards |
|
how do companies overcome the barriers to their products such as physcological, risk, value & usage
|
by offering services such as sampling, warranties, money-back guarantees, extensive usage instructions
|
|
whats the difference b/t primary demand & selective demand?
|
PD- stimulating desire for the product class rather than 4 a specific brand b/c of limited competition
SD- stimulating interest for the preference for a specific brand due to increased competition |
|
3 ways to manage a product thru its life cycle
|
1- product modification
2- market modification 3- repositioning the product |
|
3 ways to effectively modify a market
|
finding new users
increasing use creating new use situation |
|
4 ways to reposition a product
|
1- reacting to a competitiors postition
2- reaching new market 3- catching rising trend 4- changing the value offered |
|
difference b/t trading up, trading down and downsizing?
|
up- adding value to product via additional features or higher quality materials
down- reducing the # of features quality or price, usually occurs when companies r: downsizing- reducing contents of packages w/ changing size & keeping or raising price |
|
brand personality
brand equity |
BP- a set of human characteristics associated w/ a brand name
BE- added value a given brand name gives 2 a product beyond its functional benefits |
|
2 advantages of brand equity
|
1- provides a competitive advantage
2- consumers r often willing to pay a higher price for this |