3rd Six Weeks Flashcards
1st step in product development: generate an idea for the product.
Product Idea Brainstorming
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.
Evaluate the Ideas
3rd step in product development: seek feedback from customers, employees and partners on which idea is most appealing.
Market Evaluation
4th step in product development: analyze the remaining product idea from a business perspective. Determine how much, if any, competition exists for similar products.
Analyze the Competitive Situation
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.
Prototype and Marketing
6th step in product development: make adjustments to the prototype or develop a new version, if necessary. Develop additional prototypes for market testing.
Market Testing
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.
Prepare for Launch
1st characteristic of product mix: the number of product lines the company sells.
Width of Product Mix
2nd characteristic of product mix: the total number of products or items in your company’s product mix.
Length of Product Mix
3rd characteristic of product mix: the total number of variations for each product. Variations can include size, flavor and any other distinguishing characteristic.
Depth of Product Mix
4th characteristic of product mix: how closely related product lines are to one another–in terms of use, production and distribution.
Consistency of Product Mix
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.
Strategy of Product Mix
1st step in product life cycle: where new product ideas are generated, operationalized, and tested.
Product Development Stage
2nd step in product life cycle: costs are very high, slow sales volumes to start, and little or no competition.
Market Introduction Stage
3rd step in product life cycle: costs reduced due to economies of scale, sales volume increases significantly, and profitability begins to rise.
Growth Stage
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.
Maturity Stage
5th step in product life cycle: costs increase due to some loss of economies of scale, sales volume declines, and prices and profitability diminish.
Decline Stage
1st element of promotion mix: non-personal or mass communication. Personal contact is not possible.
Advertising
2nd element of promotion mix: covers those marketing activities other than advertising, publicity, and personal selling that stimulate consumer purchasing and dealer effectiveness.
Sales Promotion
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.
Personal Selling
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.
Publicity
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.
Public Relations
A key component of a marketing plan: identifying consumer buying habits in the industry, market size, market growth or decline, and any current trends.
Market Research
A key component of a marketing plan: Identifying your most likely buyers with at least two or three levels of segmentation.
Define Target Market
A key component of a marketing plan: developing compelling branding and marketing messages that clearly communicate how you want to be perceived.
Positioning
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.
Competitive Analysis
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.
Market Strategy
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).
Budget
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.
Metrics
The process of dividing a market of potential customers into groups, or segments, based on different characteristics.
Segmentation
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.
PESO Model
PESO Model component: where exchanging money for distribution, whether an ad or content.
Paid
PESO Model component: where trading valuable content for an established authority’s audience.
Earned
PESO Model component: where amplifying content through your own audience.
Shared
PESO Model component: where aggregating an audience that seeks you out for content and then distributing your content to that audience.
Owned
