Principles of Marketing Class Notes, Lecture notes of Marketing

Download Principles of Marketing Class Notes and more Lecture notes Marketing in PDF only on Docsity! Principles of Marketing University of California, Santa Barbara TMP 124 Class Notes Part 4 Product Adoption 1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption Adopter Categories Innovators (2.5%) - 1st to purchase Early Adopters (13.5%) - careful Early Majority (34%) - Deliberate and cautious Late Majority (34%) - skeptics, adopt when necessary Laggards (16%) - Distrust new products Why Products Fail/Succeed Fail to match to needs Fail to send right message Technical/design problems Poor Timing Overestimate market Ineffective promotion Insufficient Distribution You cannot create a brand if there’s no truth ● Needs to be developed over time ● Needs to be authentic ● Brands must be built on something meaningful, something already built and successfully running Needs emotion and appeal to successfully market a product ● Show functionality and how it impacts your life for the better ○ Should be awe-inspiring Decision maker (DM) makes the purchase Influencer is anyone you have to deal with to sell the product to the decision maker ● Influences DM’s decision