MART112: Products & Innovation, Strategic Marketing & Marketing Communications

What are the stages of the Product Life Cycle?

• Introduction

• Growth

• Maturity

• Decline

What pricing strategy is common in Introduction?

• Market Skimming

• Market Penetration

What happens during Growth?

• Rapid sales growth

• Profits increase

• New competitors enter

What happens during Maturity?

• Sales peak

• Competition intensifies

• Market saturation

What happens during Decline

• Sales fall

• Profits decrease

• Firms exit market

What are the stages of New Product Development?

• New product strategy

• Idea generation

• Screening

• Business analysis

• Development

• Market testing

• Commercialisation

What are the adopter categories?

• Innovators (2.5%)

• Early adopters (13.5%)

• Early majority (34%)

• Late majority (34%)

• Laggards (16%)

What is SWOT?

• Strengths

• Weaknesses

• Opportunities

• Threats

What is the Ansoff Matrix?

Existing Products	New Products

Existing Markets = Market Penetration

Product Development

New Markets = Market Development

Diversification

Which Ansoff strategy is highest risk?

Diversification

What is the BCG Matrix?

Portfolio analysis tool:

• Stars

• Cash Cows

• Question Marks

• Dogs

What is AIDA?

• Attention

• Interest

• Desire

• Action

Difference between denotation and connotation?

Denotation = literal meaning

Connotation = emotional/symbolic meaning

What is semiotics?

The study of signs and symbols and how they create meaning.

What are the communication process elements?

1. Source

2. Encoding

3. Message

4. Channel

5. Noise

6. Receiver

7. Feedback

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