Marketing-Exam1-Set #3

Front 1

product life cycle

Back 1

describe the stages a really enew product idea goes through from beginning to edn-->divided into 4 major stages: market introduction, market growht, market maturity, sales decilne

Front 2

market introdution

Back 2

sales are low as a new idea is frist introduced into the market-->customers aren't looking for the product

Front 3

market growth

Back 3

industry sales grow fast, but indstury profts rise and then start falling-->this is time of biggest profits FOR THE INDUSTRY. toward the end, industryprofts decline

Front 4

market maturity

Back 4

occurs when industry sales level off and competition gets tougher

Front 5

sales decline

Back 5

new products replace old

Front 6

new porduct

Back 6

one that is new in any way for the coampny concerened---

Front 7

new product failures

Back 7

1. fail to offer unique benefit.
2. bad design
3. rush w/o developing a complet emarketing plan
4. moving too slowly

Front 8

new-product development process

Back 8

1. idea geneartion
2. screening
3 idea evaluation
4 development (of product and marekting mix)
5. comercialization

Front 9

direct marketing

Back 9

direct communication b/t a seller and an indivdual customer using a prmtoin method other hthan face-to-face personal selling

Front 10

ideal market exposrue

Back 10

makes a product available widely enough to satisy fy target customers' needs but not exceed them-->too much expores only increaes the total cost of marketing

Front 11

intensive distribution

Back 11

selling a product throug all responsible and suitable wholesalers or retailers who will stock or sell the product
(especially needed for convenience products and business supplies)

Front 12

selective distribution is

Back 12

selling through only those middlement who will give the pdocut special attention

Front 13

exclusive distribution

Back 13

seeling through only one middleman in a particular geographic area.

Front 14

in the introduction product life cycle:

Back 14

innovatrs; uncertainty is high, few competitors, application identification, design/standard devpt, awareness low, user education important, selective distribution

Front 15

in the growth product life cycle

Back 15

early adopters, semgents develop, increasing competition, increasing differentiation, design/standard convergence, continue building awareness and educating users, widening distribution

Front 16

maturiy in product life cycle

Back 16

marjoiryt adopt, market fragmentation, competition intense, poisitionina and value ar ekey, service ocould bceom a point of difference

Front 17

"penetration" vs. "skimming"

Back 17

start at high erprice, than lower the price(skimming)

penetatartion=launch product at reasonable price, hope to maintain Qlevel

Front 18

pioneer advantage or disadvantage

Back 18

first one; copy catters can steal idea and make improvements

Front 19

marketing starategy in intro stage

Back 19

high investment, penetration vs. skimming, high risk bbut potentailly high pay-off, pioneer dis/advantage

Front 20

marketing strategy in growth stage

Back 20

expand product offerings, expand distribution, advertising expenses substantial, sales promion may hurt, could use price competition

Front 21

marketing strategy for mature products

Back 21

quality, function, aesthetic modifications

Front 22

marketing strategy for decliningni market

Back 22

elimiate or reposition prodcut to extend life, phase out weak itmes, maintain outlest with strong er sales, elimiate others, reduce ad expenses to minimum (just enough to retain hard-core loyals), reduce sales promotions to minimum