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38 Cards in this Set
- Front
- Back
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The Product Life Cycle |
1. Introduction 2. Growth 3. Maturity 4. Decline |
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3 Aspects of the Product Life Cycle |
1. their length 2. the shape of their sales curves 3. the rate at which consumers adopt products |
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Diffusion of Innovation |
-explains how a product spreads through out the population |
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Retailing |
-includes all activities involved in providing products and services to ultimate consumers. |
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Classifying Retail Outlets |
1. form of ownership 2. level of service 3. types of merchandise line |
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Independent Retailers |
-independent business owned by individual -most common -advantage for customers: convince, personal service, and lifestyle compatibility. |
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Corporate Chain |
-multiple outlets under common ownership -advantage for customers: lower prices and uniformity among stores |
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Contractual Systems |
-independently owned stores that band together like chain. |
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Level of Service |
1. Self-service 2. Limited Service 3. Full service |
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Non-store Retailing |
1. automatic vending 2. direct mail and catalogs 3. tv home shopping 4. online retailing 5. telemarketing 6. direct selling |
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Retailing Mix |
1. retail pricing 2. store location 3. retail communications 4. merchandise |
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Store Location |
1. central business district 2. regional shopping centers 3. multichannel retailers |
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Retail Communication |
1. functional attributes 2. psychological attributes |
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Retail Life Cycle |
1. early growth 2. accelerated development 3. maturity 4. decline |
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Product Advertisements |
-focused on selling product or service -forms: 1.pioneering (informational) 2.competitive (persuasive) 3.reminder |
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Institution Advertisements |
-build goodwill or an image for an organization -forms: 1.advocacy 2.pioneering 3.competitive 4.reminder |
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Developing the Ad |
1.identify target audience 2.specify objectives 3.set budget 4.select the right media 5.design the ad |
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Ad Pretesting |
1.portfolio tests 2.jury tests 3.theater tests |
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Posttesting the Ad |
1.aided recall 2.unaided recall 3.attitude tests 4.inquire tests 5.sales tests |
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Getting Ads in the consumers' minds |
1.disintergrate on impacts 2.make a splash 3.STICK |
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How is an Ad sticky? |
those that consumers: 1.pay attention to 2.understand 3.remember |
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How is an Ad made sticky? |
making them SUC: Simple Unexpected Connected |
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Personal selling |
-two way flow of communication between a buyer and seller -forms: 1.order taking 2.order getting |
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Order taking |
-outside: visit customers and replenish stocks -inside: retail clerks |
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Order getting |
-identify prospective customers -provide info -persuade them to buy |
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Personal selling process |
-generally for order-getting -occurs before and after salesperson customer interaction |
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Stages in the personal selling process |
1.prospecting 2.preapproach 3.approach 4.presentation 5.close 6.follow up |
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Prospecting |
-search for and qualify prospects -start of selling process -prospects produced through advertising, referrals, and cold canvassing |
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Pre-approach |
-gather info and decide how to approach the prospect -information sources include personal observation, other customers, and own salespeople |
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Approach |
-gain a prospects attention, stimulate interest, and make transition to presentation -first impression |
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Presentation |
-core of order getting process -forms 1.stimulus - response 2.formula selling 3.need - satisfaction |
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Handling objections: 6 techniques |
1.acknowledge and convent 2.postpone 3.agree and neutralize 4.accept the objection 5.denial 6.ignore the objection |
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Close |
-getting the prospect to commit to the purchase -types: 1.assumptive close 2.trial close |
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Product manager |
-responsible for guiding a product through the life-cycle |
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Strategies to increase sales |
-modifying the product -modifying the market -repositioning the product |
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Branding strategies |
-multiproduct -multibranding -private -mixed -co -sub |
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Functions of intermediaries |
-transactional -logistical -facilitating |
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Vertical marketing systems |
-channel coordination -types: 1.corporate 2.contractual 3.administered |
