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23 Cards in this Set
- Front
- Back
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List and describe the major stages of new-product development
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idea generation
idea screening concept development and testing marketing strategy and development business analysis product development test marketing commercialization |
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What is the product life cycle?
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course of a products sales and profits over its lifetime.
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Describe the path of sales and profits over the course of a product's life
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product development, introduction, growth, maturity, decline
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Discuss the marketing mix for the growth stage
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prices remain where they are or fall only slightly. Company starts to meet competition. Advertising switches from awareness to building product conviction.
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What is cost based pricing?
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involves setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for its effort and risk
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Name the types of costs
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fixed costs, variable costs, experience curve, cost plus pricing, breaking even pricing
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How does the nature of the market and demand affect the firm's pricing decisions? (name the natures of the market)
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pure competition, monopolistic competition, oligopolistic competition, pure monopoly, demand curve
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demand curve
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shows the number of units the market will buy in a given time period at difference prices. Price and demand are inversely related.
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Eric Blazer, Ltd. is about to introduce a new product to the market. He has two primary ways that he might price this new product. What are they
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Market-skimming pricing, market penetration
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Name 3 of the 6 price adjustment strategies
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Segmented pricing, discount and allowance, psychological pricing
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List three ways that channel members add value
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Promotion, contact, physical distribution
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Define vertical marketing system
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VMS consists of producers, wholesalers, and retailers acting as a unified system. An example of corporate VMS is Zara, who controll their entire distribution chain.
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Define horizontal marketing system
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involves two or more companies at one level joining together to follow a new marketing opportunity. By working together, companies can combine their financial, production, or marketing resources to accomplish more than any one company could alone.
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Integrated logistics management
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Involves companies deciding the best ways to store, handle, and move their products and services so that they are available to customers in the right assortments, at the right time, and in the right place.
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What are the elements of the retailer marketing mix?
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Product and service assortment, prices, promotion, place
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A company's marketing communications mix contains five promotion tools. List them:
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Advertising, personal selling, sales promotion, public relations, direct marketing
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What are the four step in media selection?
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1) deciding on the reach, frequency, and impact
2) choosing among major media types 3) selecting specific media vehicles 4) deciding on media timing |
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Informative advertising is used when:
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introducing a new product category, attempting to build primary demand, like early producers of DVD players
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Persuasive advertising is used when:
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competition increases. trying to build a selective demand. Once DVD players become established, Sony began trying to persuade people to buy their DVD player over all others
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Reminder advertising is used when:
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a product becomes mature. It helps to maintain customer relationships and keep consumers thinking about the product. Expensive Coca-Cola television ads primarily maintain the brand, not find new customers.
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Briefly explain viral marketing
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viral marketing is essentially word-of-mouth marketing that spreads like a pathological "virus" would.
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What is competitive analysis?
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the process of identifying, assessing, and selecting key competitors
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What are the three steps in competitive analysis?
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1) identifying the company's competitors
2) assessing competitors objectives, strategies strengths and weaknesses 3) selecting which competitor's to attack or avoid |
