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32 Cards in this Set
- Front
- Back
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product life cycle
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stages it goes through when first introduced until time it leaves market
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4 stages
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1.introduction
2.growth 3.maturity 4.decline |
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introduction phase
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product is minimal and firm. sales grow slowly and profit is minimal
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growth phase
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rapid increase in sales.competitors appear. proft peaks in gowth phase bc of compeitors. repeat purchases is the main objective. product tends to change or advance.also wide distribution
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maturity phase
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when the sales peak and profits will decrease.compeitors leave market. finding new buyers is also key
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decline phase
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sales having conintuous decline and profits are very low. product deletion or harvesting.
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product harvesting
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in the decline phase. all support for product is stopped to reduce the cost and harvest any small profit before its eliminated
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product life cycles and customers
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diffusion of innovation, product adaption
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innovators
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2.5% are innovators.people to quickly adopt a new product
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early adopters
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13.5% some of the first to try new product
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early majority
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34% early majority. cautious with tryin new things
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late majority
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34% late majority who are skeptical
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laggards
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16% forced to use the new product
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product modification
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change the quality/performance/apperance.usually happens once sales peaked
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modify the market(4)
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longer maturity phase.
1.finding new users 2.increase among exsisting users 3.creating new usage situations 4.repositioning the product |
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product branding
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name, phrase, and/or design symbol or any other method that identifies differentiate a product from competitors products
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trade name
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commerical legal name under wich they do business
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trade mark
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Coca-Cola(r-circled)company has legally registered its brand name
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brand equity and value(2)
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added value beyond the functional benefit.
1.competitive advantage 2.willing to pay higher price |
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creating brand equity
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careful and continuous market reserach that enables an org. to discover and understand how customers think and feel about it
1.develop brand awarness 2.establish brand meaning in minds 3.elicit proper consumer responses to brands identity. 4.create consumer brand relationship |
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product development and promotional programs
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develop positive brand awarness and associations that will establish a brands meaning and loyalty
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valuing brand equity(2)
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1.intangible asset
2.licensing-disney letting other companies use their name |
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manufactuer branding
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manufac's brand. created and managed by manufacs.
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multiproduct branding(family branding)
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cambells spaghetti o's and cambells soup
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multi-branding
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multiple different brand names. proc and gamble with camay soap and safegaurd soap. marriot hotels with courtyards and fairfield inns
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private branding(reseller branding)
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when manufactuers products but sells them under the brand name of a wholesale or retailer. kenmore and craftsman for Sears
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selective demand
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the preference for a specific brand
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diffusion of inovation
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when a product spreads or diffuses through a population.
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product manager or brand manager
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manages the marketing efforts for a close knit family of products or brands
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product repositioning
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changing the place a product occupies in a consumers mind relative to competitive products
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brand personality
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set of human characteristics associated with a brand name
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co-branding
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pairing of two brand names of two manufactuers on a single product. hershey and gen. mills with with co brand breakast bars
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