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Marketing - CH 13
Conceiving, Developing, and Managing Products
| Term | Definition |
|---|---|
| Product Life Cycle | describes a product's sales, competitors, customers, and marketing emphasis from its beginning until it is removed from the market |
| Balanced Product Portfolio | product strategy in which a firm maintains an even combination of new, growing, and mature products |
| Types of new products | Modifications:alterations/extensions in a company's existing products, such as new models Minor innovations: items not previously sold by a firm that have been sold Major innovations: items not previous sold by any firm |
| Traditional Product Life Cycle and Advertising | Introduction -> inform Growth -> persuade Maturity -> highly competitive Decline -> reassess/go back |
| Reasons for product failure | poor long-term planning, lack of a differential advantage incorrect pricing and product placement, inattention to the marketing and environment, marketing myopia (focus on company's needs vs. consumer) |
| absolute product failure | costs are not regained |
| relative product failure | goals are not met, but a profit may be earned |
| Idea generation (New Product Planning Process) | continuous systematic search for new product opportunities |
| Product screening (New Product Planning Process) | poor, unsuitable products weeded out and patentability is determined |
| Concept testing (New Product Planning Process) | present consumer with proposed product to measure attitudes and intentions |
| Business analysis (New Product Planning Process) | detailed review of demand costs, break-even potential, investments and potential profits |
| Product development (New Product Planning Process) | converts product idea into tangible form and identifies basic marketing strategies |
| Test marketing (New Product Planning Process) | involves placing fully developed product into one or more selected areas to observe |
| Commercialization (New Product Planning Process) | the product's introduction to its full target market, corresponding to the introduction stage of the product life cycle |
| Growth stage in life cycle | major innovations have slow growth at first, but then growth rises quickly; minor innovations or product modifications grow quicker |
| diffusion process curve | consumers can be grouped according to how quickly they adopt a product; innovators, early adopters, early majority, late majority, and laggards |
| useful strategies in maturity | develop, new uses for products, develop new product features, increase the market, find new classes of consumers for present/modified products, increase product usage among current users, change marketing strategy |
| Questions to consider when deciding to delete a product | replacement parts, notification time, warranties |
Created by:
nstag
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