Marketing Unit 1 Test Part B Flashcards
What is the product Life cycle
The product life cycle is a concept; the stages a product goes through from its introduction to its decline in the market. consists of four stages:
What are the four stages of PLC
Introduction, Growth, Maturity, Decline
Explain each product life cycle
Introduction: The product is launched into the market, generating low sales as awareness is built.
Growth: Sales start to rise as more consumers adopt the product, leading to increased profits. Competition enters the market, prompting companies to enhance their marketing strategies.
Maturity: Sales reach their peak and stabilize, as the market becomes saturated. Competition intensifies
Decline: Sales and profits decline due to market saturation, changing consumer preferences, or new technologies.
What are Non Traditional PLC
FADS, TRENDS, NICHE MARKET, SEASONAL MARKET
What is Positioning
Positioning is to create an image of a product to consumers.
Example Starbucks vs. Tim Horton’s
Types of Positioning
Benefit
Target
Price
Distribution
Service
Explain types of Positioning (Benefit, Target)
Benefit: Consumers want products that do something for them
Target: all of a brand’s marketing must be focused on a specific target market
Explain the types of positioning (Price Distrubution, Service)
Price: Offer a more expensive product in an industry
Offer a less expensive product in an industry
Distribution: Using a unique sales technique to become known
for your method of distribution
Service: The degree of service that your business offers helps establish a position in consumers’ minds
What are Brands and Branding
Brand: “personality” or “image” of the business or
G/S
Types of Brand Names
Corporate: dominant Brand Names including Name of Producer
Private label:Brand Name uses Corporate Image of Seller
Product dominant: Brand name Creates association, or relates to a product attribute
ie Mr clean, Fancy Feast
Why Create a Brand Name
Help get shelf space in stores
Differentiate themselves from competition
Create loyalty
Establish a level of quality
Instant recognition when new products introduced
Features of a Good Brand Name
Easy to pronounce
Easy to recognize
Easy to remember
Short and simple
Positive image suggested
Distinctive
Types of Logos
Monogram:Stylized writing
May be letters and/or numbers
Visual:Drawing of people, animals, or objects
Abstract:
Shapes that carry a visual symbol, but do not represent
identifiable objects
What are Slogans
A short, catchy phrase connected with the name and
logo
