Marketing & Advertising Concepts Exam 2 Flashcards
Product Life Cycle Steps
- Product Introduction
- Product Growth
- Product Maturity
- Product Decline
Product Introduction
-Timing is critical
-Usually minimal or no profit
-Lower sales numbers
-Begin to create visibility with marketing & advertising
Product Growth
-Create high visibility using marketing & advertising
-Sales & profit begin to increase
-Minimal concern with competition
Product Maturity
-Sales & profit typically highest
-Competition becomes a factor
-Start looking for ways to “spice it up” or improve product
Product Decline
-Sales & Profit begin to decrease
-Competition “taken your spot”
-Product is outdated/irrelevant
-Goal should be to avoid this stage “sometimes unavoidable”
Key Influencers of Product Life Cycle
-Presence of Competition
-Changes in Target Population & Consumer Needs/Demands
-Economy Status
-Uncontrolled or Unplanned Major Event
The Four P’s of Marketing
-Product
-Price
-Promotion
-Place
Product
The “thing” you are trying to sell
Tangible
Something that can be touched or physically used
Intangible
Cannot be touched or used; Feeling; Idea
Price
What consumer pays for your program or product
Market Value
Balance between perceived value & actual demand for program/product
Multiple factors influence price of your product…
-Cost of Delivery
-Acceptable Profit Margin
-Market Value
Promotion (Advertising)
Complex process of educating, presenting, and engaging buyers
Place
Where program/product can be purchased by or delivered to consumer
Fifth P of Marketing
People
Demographic Analysis
Learn about population, age, income, jobs, etc.
Key Advertising Tips
-Keep message brief
-Create catchy name, phrase, slogan, logo
-Color choices
-Personalize your program/product
People don’t buy ____ you do, they buy ___ you do it!!!
What & why
