Understanding Product Life Cycle & Marketing Strategies: Stages & Tools for Success, Quizzes of Marketing Management

Download Understanding Product Life Cycle & Marketing Strategies: Stages & Tools for Success and more Quizzes Marketing Management in PDF only on Docsity! TERM 1 product life cycle DEFINITION 1 describes the stages a new product goes through in the marketplace: Introduction, growth, maturity, and decline TERM 2 introduction stage DEFINITION 2 during this period, sales grow slowly, and profit is minimal. Large investment costs TERM 3 primary demand DEFINITION 3 the desire for the product rather than for a specific brand, since there are few competitors with the same product TERM 4 selective demand DEFINITION 4 the preference for aspecific brand TERM 5 skimming strategy DEFINITION 5 to help the company recover the costs of development as well as capitalize on the price insensitiv ity of early buyers TERM 6 penetration pricing DEFINITION 6 discourages competitive entry, a company prices low. TERM 7 Growth stage DEFINITION 7 characterized by rapid increases in sales. competitors appear. Profit usually peaks during the growth stage. Changes appear in the product . Important to gain as much distribution for the product as possible TERM 8 repeat purchasers DEFINITION 8 people who tried the product, were satisfied, and bought again. TERM 9 Maturity stage DEFINITION 9 characterized by a slowing of total in dustry sales or product class revenue . Marginal competitors begin to leave the market. Sales increase at a decreasing rate. TERM 10 marketing attention in the maturity stage is DEFINITION 10 often directed toward holding market share TERM 21 product form DEFINITION 21 pertains to variations within teh product class TERM 22 diffusion of innovation DEFINITION 22 a product diffuses , or spreads, through the population TERM 23 three ways to manage a product through its life cycle DEFINITION 23 modifying the product, modifying the market, and repositioning the product TERM 24 product manager DEFINITION 24 also called a brand manager, manages the marketing efforts for a close-knit family of products or brands. managing existing products through teh stages of the life cycle. Some are also responsible for developing new products TERM 25 product managers engage in DEFINITION 25 extensive data analysis related to their products TERM 26 managers supplemnt these data with two measures DEFINITION 26 1. cdi: category development index 2. a brand development index bdi 3. help to identify strong and weak market segements TERM 27 product modification DEFINITION 27 altering a products characteristic such as quality, performance, or apperance, to increase the products value to customers and increase sales TERM 28 product bundling DEFINITION 28 the sale of two or more seperate products in one package TERM 29 market modification DEFINITION 29 a company tries to find a new customers, increase a products use among existing customers, or create new use situations. Finding new customers. increasing a products use. creating new use situations TERM 30 Repositioning the product DEFINITION 30 changes the place a product occupies in a c onsumers mind relative to competitive products. Reacting to a competitors position. reaching a new market. catching a rising trend TERM 31 trading up DEFINITION 31 involves adding value to the product (or line) through additional features or higher quality materials TERM 32 trading down DEFINITION 32 involves reducing the number of features, quality, or price TERM 33 downsizing DEFINITION 33 reducing the package content without changing package size and maintaining or increasing the package price TERM 34 branding DEFINITION 34 in which an organization uses a name, phase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors TERM 35 brand name DEFINITION 35 is any word, device or combination of thses used to distinguish a sellers goods or services TERM 46 subbranding DEFINITION 46 which combines a corporate or family brand with a new brand, ot distinguish a part of its product line from others TERM 47 brand extension DEFINITION 47 the practice of using a current brand name to enter a different product class TERM 48 co-branding DEFINITION 48 the pairing of two brand names of two manufacturers on a single product TERM 49 multibranding DEFINITION 49 which involves giving each product a distinct name TERM 50 fighting brand DEFINITION 50 their chief purpose is to confront competitor TERM 51 private branding DEFINITION 51 often called private labeling or reseller branding, when manufactuers products but sells them under the brand name of a wholesaler or resaler TERM 52 mixed branding DEFINITION 52 where a firm markets products under its own name and that of a reseller because teh segment attracted to the reseller is different from its own market TERM 53 packaging DEFINITION 53 component of a product refers to anycontainer in which it is offered for sale and on which label information is conveyed TERM 54 label DEFINITION 54 is an integral part of the package and typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingrediants TERM 55 creating customer value and competitive advantage throwugh packaging and labeling DEFINITION 55 1. communication benefits 2. functional benefits 3. perceptual benefits TERM 56 packaging and labeling challenges and responses DEFINITION 56 connecting with customers, enviromental concerns, health safety and security issues, cost reduction TERM 57 warranty DEFINITION 57 which is a statement indicating teh liability of teh manufacturer for product defiecienceies