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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