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MKTG 250 Chapter 11
MKTG Chapter 11
| Term | Definition |
|---|---|
| Skimming | high initial price to maximize revenue from early adopters |
| Penetration | low initial price to quuickly atrract customers and gain market share |
| Harvesting | reducing unnecessary expenses to retain revenue and invest in more profitable products |
| Deletion | removal of products from the market |
| Fashion | a style of the times |
| Fad | short life cycle |
| Product/Brand Manager | Manage product life cycle stages. New-product development. Marketing program implementation. Extensive data 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 Modification | strategies by which a company tries to find new customers, increase a product’s use among existing customers, or create new use situations |
| Product Bundling | multiple products or services are sold together as a single package, often at a discounted price, to increase value for customers and boost sales |
| 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 |
| Branding | a marketing decision in which an organization uses a name, phrase, design, or symbols, or combination of these to identify its products and distinguish them from those of competitors |
| Brand Name | any word, device (design, shape, sound, or color), or combination of these used to distinguish a seller’s products or services |
| Trade Name | a name that has the status of a trademark |
| Trademark | symbol, word, or words legally registered or established by use as representing a company or product |
| 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. |
| 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 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 |
| Product Life Cycle | the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline |
| Introduction Stage | • Stimulate trial • Primary demand • Selective demand • Skimming strategy • Penetration pricing |
| Growth Stage | • Rapid sales growth. • More competitors. • Profits peak. • Advertising for selective demand. • Repeat purchasers. • New features. • Broad distribution. |
| Maturity Stage | • Industry/product sales slow. • Fewer new buyers. • Profit declines. • Product differentiation. • Fewer competitors |
| Decline Stage | • Industry/product sales drop. • Price drops. • Environmental changes |
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