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Chapter 11 MKTG 250
| Term | Definition |
|---|---|
| Gatorade (lemon lime) | Huge example of continuous product development and brand repositioning |
| figure 11-1a (graph of lifecycle) | product life cycle stage - intro, growth, maturity, decline. sales revenue vs industry profit. sales grow during growth and maintains during maturity. profit starts negative then peaks in growth and slowly declines due to infrastructure increasing |
| figure 11-1b (stages of lifecycle) | know marketing objective/price 1 gain awareness + skimming (high)/penetration(low) 2 stress differentiation + gain market share/deal 3 maintain brand loyalty + defend market share/profit (little guys leave) 4 harvesting/deletion + stay profitable |
| Product life cycle | Describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline. |
| Intro | promotion, skimming, penetration |
| Growth | sales grow more competitors |
| Maturity | fewer new buyers, want loyal brand buyers, fewwer competitors |
| decline | deletion - end making harvesting - slowly take it from market |
| aspects of product-life cycle | 1. length 2. shape - fashion product (style of the times), fad product (short life cycle) 3. difference between product classes and forms |
| product class | Refers to the entire product category or industry. |
| product form | Pertains to variations 3 of a product within the product class. |
| Innovators | sleeping outside of best buy and constantly telling friends about it and hype up the brand |
| early adopters | go see movie within first week, excited |
| early majority | purchase within first few weeks and go to it eventually |
| late majority | buy new phone when needed, but no rush. watch movie once on home at tv |
| laggards | not interested in new things unless really necessary |
| product/brand manager | one over each product and the cheerleaders for the brand 1-cheerleader 2-manage product life cycle and watching characteristics 3 make marketing program 3 new-product development 4 extensive analysis |
| product modification | Involves 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. |
| market modificaiton | Strategies by which a company tries to find 1 new customers, 2 increase a product’s use among existing customers, or 3 create new use situations. |
| trading up | Adding value to the product (or line) through additional features or higher-quality materials. |
| trading down | Reducing a product’s number of features, quality, or price. (airplane rides) |
| downsizing (shrinkflation) | reducing content in package |
| branding | A marketing decision 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. |
| brand name | Any word, device (design, sound, shape, or color), or combination of these used to distinguish a seller’s products or services. |
| brand personality | A set of human characteristics associated with a brand name. |
| brand equity | The added value a brand name gives to a product beyond the functional benefits provided. |
| brand purpose | The reason why a brand exists, the place it has in consumers’ lives, the solution it provides to consumers, and the brand’s role in making society better off. |
| brand licensing | 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. |
| packaging | A component of a product that refers to any container in which it is offered for sale and on which label information is conveyed. |
| label | An integral part of the package that 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 ingredients. |
| communication benefits | whats in it, ingredients, how to use |
| functional benefits | storage, convience, protection (pringles can/oreo sleeve) |
| ultimate example of marketing | PEZ candy |
Created by:
agk236