Product and Brand Strategy, New Product Development, Pricing, and Distribution

These flashcards cover essential concepts regarding product and brand strategy, new product development, pricing strategies, distribution channels, and integrated marketing communication based on the lecture notes.

What are the stages of the Product Life Cycle?

Introduction, Growth, Maturity, Decline.

What is the objective during the Introduction stage of a product?

Stimulate trial.

In the Growth stage of the Product Life Cycle, what is characteristic of sales?

Rapid sales growth.

What pricing strategy is often used during the Introduction stage?

Skimming or Penetration pricing.

What happens during the Maturity stage of the Product Life Cycle?

Sales slow, fewer new buyers, profit declines.

What strategies can be employed during the Decline stage?

Deletion and Harvesting.

What are the different types of products based on learning needs?

High-learning, Low-learning, Fashion, and Fad.

What are the categories of adopters in the Diffusion of Innovation theory?

Innovators, Early Adopters, Early Majority, Late Majority, Laggards.

What does branding help create for consumers?

Shopping shortcuts.

What is Brand Equity?

Added value beyond functional benefits.

What are the four characteristics of services?

Intangibility, Inconsistency, Inseparability, Inventory.

What are Convenience Products?

Products purchased frequently with minimal effort.

What is the purpose of the New Product Development Process?

To develop and bring new products to market through various specified stages.

What is the Profit Equation?

Total Revenue - Total Cost.

What is the difference between Demand-Oriented and Cost-Oriented pricing approaches?

Demand-Oriented focuses on customer preferences, while Cost-Oriented is based on the costs to produce.

What is the purpose of pricing objectives?

To define the role of price in marketing and strategic plans.

What are the functions of marketing channels?

Transactional, logistical, and facilitating.

What is the difference between a Direct Channel and an Indirect Channel?

Direct Channel goes from Producer to Consumer, while Indirect includes intermediaries.

What are the two types of vertical marketing systems?

Corporate VMS and Contractual VMS.

What is Supply Chain Management?

Integrating information and logistics across firms.

What is the significance of creating customer value in the digital environment?

Enhancing customer experience through optimized online interactions.

What are the key tools of the promotional mix in Integrated Marketing Communications (IMC)?

PR, Advertising, Personal Selling, Direct Marketing, Sales Promotion.