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Marketing Chapter 10 (Exam 3)
Terms in this set (47)
Harvesting is an option for a product in the __________ stage of its product life cycle.
If a customer is reluctant to try a new product because she's afraid of what her friends might think, the company is most likely facing a(n) __________ barrier.
Skimming or penetration pricing are appropriate pricing strategies during the __________ stage of a product's life cycle.
When selecting a brand name, it should: (1) suggest product features; (2) be memorable, distinctive and positive; (3) fit the company or product image; (4) have no legal or regulatory restrictions; (5) __________; and (6) have favorable phonetic and semantic associations in other languages.
be simple & emotional
The seven Ps of services refer to an expanded marketing mix for services that includes the four Ps (product, price, place, and promotion) as well as
people, physical environment, & process
Stages of the Product Life Cycle
the desire for the product class rather than for a specific brand, since there are few competitors with the same product.
the preference for a specific brand
A high initial price to help the company recover the costs of development as well as capitalize on the price insensitivity of early buyers
pricing low to discourage competitive entry
the initial purchase of a product by a consumer.
people who tried the product, were satisfied, and bought again
During the Introduction Stage You'll See:
During the Growth Stage You'll See:
Rapid Sales Growth
During the Maturity Stage You'll See:
Industry/Product Sales Slow
During the Decline Stage You'll See:
Industry/Product Sales Drop
dropping the product from the company's product line
when a company retains the product but reduces marketing costs. The product continues to be offered, but salespeople do not allocate time in selling nor are advertising dollars spent. The purpose of harvesting is to maintain the ability to meet customer requests.
Diffusion of Innovation
a product diffuses, or spreads, through the population
the product is not compatible with existing habits
the product provides no incentive to change
physical, economic, or social
cultural differences or image
Product/Brand Manager Responsibilities
Product Life Cycle
New Product Development
Marketing Program Implementation
Category Development Index
Brand Development Index
altering one or more of a product's characteristics, such as its quality, performance, or appearance, to increase the product's value to customers and increase sales
a company tries to find new customers, increase a product's use among existing customers, or create new use situations.
the sale of two or more separate products in one package
changes the place a product occupies in a consumer's mind relative to competitive products.
involves reducing a product's number of features, quality, or price
reducing the package content without changing package size and maintaining or increasing the package price
in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors
is any word, device (design, sound, shape, or color), or combination of these used to distinguish a seller's products or services
a set of human characteristics associated with a brand name
the added value a brand name gives to a product beyond the functional benefits provided
is a contractual agreement whereby one company (licensor) allows its brand name(s) or trademark(s) to be used with products or services offered by another company (licensee) for a royalty or fee
a company uses one name for all its products in a product class
Product Line Extension
the practice of using a current brand name to enter a new market segment in its product class
which combines a corporate or family brand with a new brand, to distinguish a part of its product line from others
the practice of using a current brand name to enter a different product class
which involves giving each product a distinct name
Private Branding/Private Labelling
when it manufactures products but sells them under the brand name of a wholesaler or retailer
where a firm markets products under its own name(s) and that of a reseller because the segment attracted to the reseller is different from its own market
charging different prices during different seasons of the year and different times of the day or days of the week to reflect variations in demand for the service
Integrating the service component of the marketing mix with efforts to influence consumer demand
7 Ps of Service Marketing
THIS SET IS OFTEN IN FOLDERS WITH...
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