marketing 2 Flashcards
PRODUCT ITEM
specific version
product line
closely related items
product mix
all products
category of new product discontinous/radical innovation
New to the world
category of new product Continuous innovation
improvements revisions
new product development process
new product strategy idea generation screening and evaluation business analysis development market testing commercialization
Five categories of product adopters
innovators2.5 early adopters13.5 early majority34 late majority34 laggards16
brand equity
the perceived worth of your brand
branding strategies
multiproduct brainding brand extension multibranding cobranding private branding
Market segmentation
1 common needs 2 respond similarly to marketing action
market segments
relatively homogenous groups of prospective buyers that result from the market segmentation process
steps in segmenting and targeiting markets
1 group buyers into segments 2 select target market 3 advertise to target market
step 1 group buyers into segments
simple and cheap profit potential similiar needs difference of needs of of buyers among segments
ways to segment
geographic segment and demographic segment: age gender income education psychographic segmentation group by personality traits values attitudes interest behavioral segmentation when they pruchase use or think of buying a product usage rate segmentation geodemographic segmentation
80-20 rules
20 percent of customers generate 80 of demand
criteria in selecting target market
Size Growth Competition Cost org objective and resources
Positioning
creates a image or perception of brand
repositioning
changes the way a brand looks like old spice
two approaches to product positioning
head to head or differentiation
positioning statement
for target market brand x is the only brand amongst all the competitive set that unique value claim because reason to believe
perceptual map
is the map like the one we did with cars classy old economic ex. has to do with where consumers see a product
Product
a product is a good service or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers needs and is received in exchange for money or something else of vlaue
product types
business product product used to manufacture to facilitate org operation or to resell to other consumers consumer product product bought by ultiate consumer
types of consumer products
convenience products shopping products specialty products
