1/25
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced |
---|
No study sessions yet.
Market Segmentation
Dividing a market into distinct groups of buyers with different needs or characteristics
Market-Product Grid
A framework to relate the market segments of potential buyers to products offered
Market Segmentation Strategies
One Product and Multiple Market Segments,Multiple Products and Multiple Market Segments, Segments of One (Mass Customization)
One Product and Multiple Market Segments
Offering a single product to several segments
Multiple Products and Multiple Market Segments
Different products for different segments
Segments of One (Mass Customization)
Tailoring products to individual customers
Cannibalization
When a new product steals sales from an existing product within the same company
"Tiffany/Walmart" Strategy
Offering different versions of a product to target high-end and low-end markets
Positioning
Defining the brand in consumers' minds; includes steps for creating a perceptual (positioning) map.
Four I’s of Service
Intangibility, Inconsistency, Inseparability, Inventory
Four I’s of Service: Intangibility
Services cannot be seen or touched before purchase
Four I’s of Service: Inconsistency
Quality varies each time
Four I’s of Service: Inseparability
Production and consumption happen simultaneously
Four I’s of Service: Inventory
Managing service/product availability
Types of Innovations
Continuous, Dynamically Continuous, Discontinuous
Types of Innovations: Continuous
Involves making incremental improvements to existing products or processes. It's about refining what already exists rather than creating something entirely new.
Types of Innovations: Dynamically Continuous
This type of innovation involves more significant changes but doesn't disrupt existing behaviors or markets. It requires some adaptation from consumers but doesn't demand a complete overhaul of their habits.
Types of Innovations: Discontinuous
Involves radical breakthroughs that disrupt existing markets and create new ones. It requires significant changes in consumer behavior and often introduces entirely new technologies or business models.
Product Life Cycle Stages:
Introduction, Growth, Maturity, Decline
Product Life Cycle Stage: Introduction
Create awareness; low sales, high costs
Product Life Cycle Stage: Growth
Increase in sales; focus on differentiating products
Product Life Cycle Stage: Maturity
Sales peak; emphasize maintaining brand loyalty
Product Life Cycle Stage: Decline
Sales decline; focus on either deletion or harvesting the product
Examples of continuous innovation
Regular software updates with bug fixes and minor feature additions, Seasonal product variations, like new flavors of a popular beverage.
Examples of dynamically continuous innovation
The transition from traditional phones to smartphones, The shift from physical media to digital streaming services, The introduction of electric vehicles
Examples of discontinuous innovation
The invention of the automobile, which revolutionized transportation, The development of the internet, which transformed communication and commerce, The development of artificial intelligence, which is poised to reshape numerous industries