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Advertising > 3rd Six Weeks > Flashcards

3rd Six Weeks Flashcards

1
Q

1st step in product development: generate an idea for the product.

A

Product Idea Brainstorming

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2
Q

2nd step in product development: make a list of product ideas and share it with the appropriate decision-makers in the company, such as the management team.

A

Evaluate the Ideas

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3
Q

3rd step in product development: seek feedback from customers, employees and partners on which idea is most appealing.

A

Market Evaluation

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4
Q

4th step in product development: analyze the remaining product idea from a business perspective. Determine how much, if any, competition exists for similar products.

A

Analyze the Competitive Situation

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5
Q

5th step in product development: develop a prototype of the product, then share it with a handful of good customers and key partners. Ask them to try it out and provide feedback.

A

Prototype and Marketing

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6
Q

6th step in product development: make adjustments to the prototype or develop a new version, if necessary. Develop additional prototypes for market testing.

A

Market Testing

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7
Q

7th step in product development: begin production for the first round of the product launch. Evaluate how many products to produce based on your market testing and demand for the product. Advertise.

A

Prepare for Launch

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8
Q

1st characteristic of product mix: the number of product lines the company sells.

A

Width of Product Mix

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9
Q

2nd characteristic of product mix: the total number of products or items in your company’s product mix.

A

Length of Product Mix

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10
Q

3rd characteristic of product mix: the total number of variations for each product. Variations can include size, flavor and any other distinguishing characteristic.

A

Depth of Product Mix

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11
Q

4th characteristic of product mix: how closely related product lines are to one another–in terms of use, production and distribution.

A

Consistency of Product Mix

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12
Q

5th characteristic of product mix: usually starting out with a product mix limited in width, depth and length; and have a high level of consistency.

A

Strategy of Product Mix

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13
Q

1st step in product life cycle: where new product ideas are generated, operationalized, and tested.

A

Product Development Stage

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14
Q

2nd step in product life cycle: costs are very high, slow sales volumes to start, and little or no competition.

A

Market Introduction Stage

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15
Q

3rd step in product life cycle: costs reduced due to economies of scale, sales volume increases significantly, and profitability begins to rise.

A

Growth Stage

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16
Q

4th step in product life cycle: costs are lowered as a result of increasing production volumes and experience curve effects, sales volume peaks and market saturation is reached, and new competitors enter the market.

A

Maturity Stage

17
Q

5th step in product life cycle: costs increase due to some loss of economies of scale, sales volume declines, and prices and profitability diminish.

A

Decline Stage

18
Q

1st element of promotion mix: non-personal or mass communication. Personal contact is not possible.

A

Advertising

19
Q

2nd element of promotion mix: covers those marketing activities other than advertising, publicity, and personal selling that stimulate consumer purchasing and dealer effectiveness.

A

Sales Promotion

20
Q

3rd element of promotion mix: includes face-to-face personal communication and presentation with prospects (potential and actual customers) for the purpose of selling the products.

A

Personal Selling

21
Q

4th element of promotion mix: is a way of mass communication. It is not a paid form of mass communication that involves getting favourable response of buyers by placing commercially significant news in mass media.

A

Publicity

22
Q

5th element of promotion mix: a comprehensive term that includes maintaining constructive relations not only with customers, suppliers, and middlemen, but also with a large set of interested publics.

A

Public Relations

23
Q

A key component of a marketing plan: identifying consumer buying habits in the industry, market size, market growth or decline, and any current trends.

A

Market Research

24
Q

A key component of a marketing plan: Identifying your most likely buyers with at least two or three levels of segmentation.

A

Define Target Market

25
Q

A key component of a marketing plan: developing compelling branding and marketing messages that clearly communicate how you want to be perceived.

A

Positioning

26
Q

A key component of a marketing plan: knowing the ins and outs of your competitors to help you better position your business and stand out from the competition.

A

Competitive Analysis

27
Q

A key component of a marketing plan: looking at the entire marketplace and breaking down specific tactics such as events, email, social media, and couponing that will help you gain access to customers.

A

Market Strategy

28
Q

A key component of a marketing plan: a month-by-month schedule of what you plan to spend on marketing, including a metric that tells you to stop if it’s not generating sufficient return on investment (ROI).

A

Budget

29
Q

A key component of a marketing plan: tracking your marketing success and website conversions to compare your budget against the actual ROI, repeating successful programs and stopping ineffective ones.

A

Metrics

30
Q

The process of dividing a market of potential customers into groups, or segments, based on different characteristics.

A

Segmentation

31
Q

A strategy that touts the integration of paid, earned, shared, and owned media to deliver integrated marketing programs, extend reach, and establish brands as leaders within their industry.

A

PESO Model

32
Q

PESO Model component: where exchanging money for distribution, whether an ad or content.

A

Paid

33
Q

PESO Model component: where trading valuable content for an established authority’s audience.

A

Earned

34
Q

PESO Model component: where amplifying content through your own audience.

A

Shared

35
Q

PESO Model component: where aggregating an audience that seeks you out for content and then distributing your content to that audience.

A

Owned

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