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9 Cards in this Set
- Front
- Back
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What are the Claims of Product Life Cycles?
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Products have a limited life
Product sales pass through distinct stages each with different challenges and opportunities Profits rise and fall at different stages Products require different strategies in each life cycle stage |
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What is the Pioneer Advantage ?
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“First Mover”:
being on-time but over budget is better than late but on budget Lasting impact 19 of 25 Leaders in 1923 were still #1 in 1983 |
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what are the Four Introductory Marketing Strategies?
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Rapid skimming strategy
Slow skimming strategy Rapid penetration strategy Slow penetration strategy |
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What are Strategies for Sustaining Rapid Market Growth?
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Improve product quality, add new features, and
improve styling Add new models and flanker products Enter new market segments Increase distribution coverage Shift from product-awareness advertising to product-preference advertising Lower prices to attract the next layer of price sensitive buyers |
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What are the Product Life-Cycle Marketing Strategies: Maturity Stage?
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Market Modification
Product Modification Marketing Program Modification |
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What are Marketing Mix Modifications?
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Prices
Distribution Advertising Sales promotion Services |
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What are Ways to Increase Sales Volume?
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Convert nonusers
Enter new market segments Attract competitors’ customers Have consumers use the product on more occasions Have consumers use more of the product on each occasion Have consumers use the product in new ways |
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What are Product Life-Cycle Marketing Strategies: Decline Stage?
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Increase firm’s investment.
Maintain the firm’s investment level. Decrease the firm’s investment level. Harvesting (“milking”) the firm’s investment. Divesting the business quickly |
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What do you do to Market in an Economic Downturn
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Invest
Get close to customers Review budgets Use a compelling value proposition Fine-tune offerings |
