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37 Cards in this Set
- Front
- Back
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Front (Term) New product development stratagies |
Age of market/age of product
Back (Definition) Market penetration 👎👎 ---increase sales of existing products
Product development 👎👍--- new markets for existing products
Market development 👍👎--- new products into established markets Product diversification 👍👍--- new product for new market |
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Front (Term) Porters five forces |
Back (Definition) Potential new entrants Bargaining power of buyers Bargaining power of suppliers Threat of substitute products Rivalry among competitors |
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Front (Term) Marketing mix |
Back (Definition) Product- customer service, package design, brand names, trademarks, etc.. Distribution- right place in proper quantities Promotion- communication between buyers and sellers- advertisement Pricing- based on competition |
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Types of business products |
Accessory equipment- comp. printers etc.. Component parts and materials Raw materials- natural resources Supplies- maintenance items etc Business services- facilitates their production & operating services |
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Five era's |
Production Sales Marketing Relationship Social |
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Marketing strategies |
Target market Marketing mix Environment |
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BCG matrix |
Market share/ growth potential
Stars- 👍👎high Cash cows-👍👎high Question marks- 👎👍 potential Dogs-👎👍 low |
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Marketing environment |
Competitive Political legal Economic Technological Social-cultural |
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Wholesaler |
Intermediaries that operate b/w producers and resellers |
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Utility |
Satisfying power of a good or service- the want |
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Discretionary income |
Money available to spend after buying necessities such as food, clothing l, housing |
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Consumer rights- jfk |
Right to choose freely Be informed Be heard Be safe |
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Pyramid of social responsibility |
Philanthropic Ethical Legal Economic |
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Maslow's hierarchy of needs |
Physiological Safety Social/belongingness Esteem Self-actualization |
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Types of brands |
Generic-cola Manufacturer-heinz Captive- Zac Posen for target Family- Johnson & Johnson Individual- Lipton |
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New product development process |
Idea generation Screening Business analysis Development Test marketing Commercialization |
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Retail convergence |
Similar merchandise is available for multiple retail outlets-- results in blurring of types of merchandise offered |
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Types of intermediaries |
Manufacturer Independent Retailer |
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Distribution intensity |
Intensive- all Selective- limited Exclusive- 1 |
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Consumer adoption process |
Awareness Interest Evaluation Trial Adoption/rejection |
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Brand extension |
Attaching popular brand name to new product line in unrelated category |
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Line extension |
Development of individual offering to appeal to different market segments while remaining closely related to existing product line |
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Product lifecycle |
Intro Growth Maturity Decline |
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Extending product lifecycle |
Increase frequency
Increase # of users
Find new users
Changing packaging sizes, labels. Or quality |
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Service quality |
Tangibles Reliability Responsiveness Assurance Empathy |
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Primary research methods |
Observation Controlled experiments Surveys |
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Positioning map |
Tool that helps marketers place products in a market geographically illustrating consumer perceptions of competing products within an industry |
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Cognitive dissonance |
Imbalance among knowledge, beliefs. And attitudes that occur after an action, decision, or purchase |
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Business cycle |
Prosperity Recession Depression Recovery |
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Shaping |
Process of applying a series of rewards and reinforcements to permit more complete behavior to evolve |
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Market segmentation process |
Relevant profile Forecast market potential Probable market share Specific segments |
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Sales forecasting |
Qualitative ------jury of exec. Opinion ------survey of buyers intentions ------Delphi technique Qualitative Trend analysis |
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Product mix |
Assortment of product lines
Width- # of lines offered Length- # of products Depth- variations in products |
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Short channel |
Business products, service firms , perishable goods |
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Long channel |
Move goods from producer to consumer |
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Dual distribution |
Movement of products through more than one channel to reach the firms target market |
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Function of wholesaling intermediaries |
Creative utility Providing services Lowering costs by limiting contacts |
