Chapter 7.4 Flashcards
Early adopters
They are guided by respect, are opinion leaders in their communities, and who adopt new ideas early but careful
Early majority
They are very deliberate and adopt new ideas before the average person, though they are rarely the leaders
Innovators
They are venturesome and willing to try new ideas at some risk
The effect of personal influence
-The effect one person has on the attitude or purchase probability of another
Product characteristics
-R-C-C-C-D
-Relative advantage
-Compatibility
-Complexity
-Communicability
–Divisibility
Four phases of the Consumer product lifecycle
-Introductory phase
-Growth phase
-Maturity phase
-Declining phase
Introductory phase
when a new product is offered on the market for the first time
Growth phase
during which product sales gradually increase
Maturity phase
when product sales reach their peak
Declining phase
when stagnation and decreasing sales unavoidably set in
Different kinds of product life cycle
-Traditional product life cycle
-Classic product life cycle
-Fashion fad curve
-Extended fashion fad
-Seasonal or fashion curve
Price and marketing strategies
-Rapid skimming strategy
-Low skimming strategy
-Rapid penetration strategy
-Slow penetration strategy
Distribution decisions
-Manufacturer has to ensure optimal distribution
-Decide on number and kind of middlemen
-Market coverage
-Exclusive distribution
Integrated marketing strategy in maturity phase
-Retain the existing marketing strategy
-Retaining the current product and revise other marketing instruments
-Changing all the marketing instruments
-Product differentiation
Product range extensions
Marketing instruments
-Changing price
-Changing market communication
-Changing distribution
Integrated marketing strategy in introductory phase
-Product decisions
-Distribution decisions
-Price and marketing
Integrated marketing strategy in growth phase
P-P-D-M
-Product decisions
-Distribution decisions
-Price decisions
-Marketing and communication decisions
Product range extensions
-Extended product range
-Other marketing instruments
Product differentiation
-improved quality,
-improved product characteristics,
-improved styling
Integrated marketing strategy in decline phase
-Continue with the existing marketing strategy
-Revise existing marketing strategy partly or entirely
-Withdraw product from all markets
