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32 Cards in this Set

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