Product to meet the market needs Flashcards
It gives your target audience a range of options and asks them to provide feedback on each one. With this, you can compare metrics like purchase intent, quality, and value to find out which product concepts your customers like
Product Testing
Getting these cutting-edge buyers on your side is beneficial in creating a domino effect through word-of-mouth advertising after a product launch
Possibility of Attracting Early Adopters
It refers to the set of means and actions a business takes to build as sell its products or services to their customers
Marketing Mix
These are tangible good/intangible services offered by the business to the target customers.
Product
The product has already reached maturity stage
Introductory Stage
Product is highly priced but gradually reduced as competitors increase
Price Skimming Approach
The product is introduced with a low price
Price Penetration Approach
mode of conveying the presence and attributes of the product to the target customers
Promotion
Name, design, color, symbol, quality, features or a combination that makes the product separate and distinct from similar products of competitors
Brand Name
All products of the business carry the same brand name
Umbrella Brand Approach
Every product has a same business has separate brand name that distinguishes it from the rest of the company’s products.
House Brand Approach
The existing product has been modified or altered resulting in a new product
Line extension Approach
New product carries the brand name in a new category
Product Extension Approach
